The Central Bank of Hungary joined the growing number of central monetary entities believing that bitcoin trading and mining should be banned. Similar to most bashers, the organization’s Governor asserted that cryptocurrencies could facilitate illegal activities.

*  In a press conference on February 11th, György Matolcsy, the current Governor of the Hungarian central bank, urged the country to implement a blatant ban on cryptocurrencies.

*  He made a rather familiar argument as many other critics, saying they are used for “illegal activities and tend to build up financial pyramids.”

*  As such, the EU and Hungary should follow the China path. Interestingly, he also mentioned a recent proposition from the central bank of Russia that also wanted to prohibit the usage of digital assets.

*  However, he failed to mention that the Russian authorities reached another decision, and they will regulate crypto instead of banning it.

*  “The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles. EU citizens and companies would be allowed to own cryptocurrencies abroad, and regulators will track their holdings.” – reads the statement.

Featured Image Courtesy of Budapest Beacon