György Matolcsy, the governor of the Central Bank of Hungary is supporting the proposed crypto ban by the Russian Central Bank, expressing his agreement with the proposal to ban trading and mining of cryptocurrencies.
This comes after the recent news that the Russian central bank was in support of banning the trading and mining of cryptocurrencies. Matolcsy stated that “it is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids.”
He also added that the “growth and market value of cryptocurrencies is defined primarily by speculative demand for future growth, which creates bubbles.” Calling for unity within the EU, Matolcsy wants the EU to “act together” in order to preempt the building up of “new financial pyramids and financial bubbles.”
It seems that he is in support of banning it from the EU, but not worldwide. “EU citizens and companies would be allowed to own cryptocurrencies abroad and regulators will track their holdings.”
As Matolscy stated above, the growth and market value of cryptocurrencies is defined by speculative demand for future growth, is the support for the ban just a way to see if other countries can manage and regulate cryptocurrencies before he makes a decision on what to do, or is it another technology that isn’t fully understood?
