{"id":57603,"date":"2022-02-11T18:09:13","date_gmt":"2022-02-11T16:09:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57603"},"modified":"2025-09-04T12:31:48","modified_gmt":"2025-09-04T09:31:48","slug":"hungarys-central-bank-backs-full-ban-on-cryptocurrencies-and-mining","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hungarys-central-bank-backs-full-ban-on-cryptocurrencies-and-mining\/","title":{"rendered":"Hungary&#8217;s central bank backs full ban on cryptocurrencies and mining"},"content":{"rendered":"<p>The president of Hungary&#8217;s central bank, Gy\u00f6rgy Matolcsy <a href=\"https:\/\/www.mnb.hu\/en\/pressroom\/publications-of-the-governor\/2022\/matolcsy-time-has-come-to-ban-crypto-trading-and-mining-in-the-eu\">\u043f\u0440\u0438\u0437\u0432\u0430\u043b<\/a> EU countries to ban cryptocurrency trading and mining.<\/p>\n<p>In his statement he cited China&#8217;s hard stance and the Bank of Russia&#8217;s stance toward the industry.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cChina declared all cryptocurrency activity illegal in September last year, and the Bank of Russia proposes banning cryptocurrency trading and mining. I fully agree with this,\u201d Matolcsy said.<\/p>\n<\/blockquote>\n<p>He also backed the EU&#8217;s earlier proposal to abandon Proof-of-Work mining.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cObviously, cryptocurrencies can serve illegal activity and contribute to the creation of financial pyramids. The Bank of Russia is right to say that &#8216;the dizzying rise and market value of cryptocurrencies are driven primarily by speculative demand for future growth, which creates bubbles,&#8217;\u201d the head of the Hungarian central bank said.<\/p>\n<\/blockquote>\n<p>Gy\u00f6rgy Matolcsy invited EU regulators to cooperate to prevent the creation of new financial pyramids and bubbles.<\/p>\n<p>At the same time he proposed allowing EU citizens and companies to hold cryptocurrencies abroad, provided that regulators monitor their assets.<\/p>\n<p>In January 2022, the deputy head of <span data-descr=\"European Securities and Markets Authority\" class=\"old_tooltip\">ESMA<\/span> Eric Teden urged EU regulators <a href=\"https:\/\/forklog.com\/en\/news\/eu-urged-to-ban-proof-of-work-mining\">to ban the mining of Bitcoin and other cryptocurrencies<\/a> on the Proof-of-Work algorithm due to its energy intensity.<\/p>\n<p>During 2021, Chinese authorities took a series of initiatives, culminating in <a href=\"https:\/\/forklog.com\/en\/news\/media-china-bans-support-for-cryptocurrency-related-business\">a full ban on mining and other operations<\/a> with digital assets in the country.<\/p>\n<p>On January 20, 2022, the Bank of Russia also spoke out <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-russia-proposes-ban-on-issuance-circulation-and-mining-of-cryptocurrencies-in-russia\">against the cryptocurrency market<\/a>. However regulators are still discussing this position and are more inclined toward <a href=\"https:\/\/forklog.com\/en\/news\/russian-government-sets-out-mechanism-for-bitcoin-transactions-via-banks\">regulation of the industry<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The head of Hungary&#8217;s central bank Gy\u00f6rgy Matolcsy urged the EU to ban cryptocurrency trading and mining.<\/p>\n","protected":false},"author":1,"featured_media":57604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[345,809,133,1137,1980,1138,36],"class_list":["post-57603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-russia","tag-central-banks","tag-china","tag-cryptocurrency-mining","tag-hungary","tag-opinions","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/57603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=57603"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/57603\/revisions"}],"predecessor-version":[{"id":57605,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/57603\/revisions\/57605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/57604"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=57603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=57603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=57603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}