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Hungarian central bank’s governor – György Matolcy – has suggested an outright prohibition over the entirety of the mining and trading activities in the field of cryptocurrency throughout the European Union. The central bank governor, in his blog post which was shared by the bank (also known as Magyar Nemzeti Bank), made a reference to the recent ban that China imposed over crypto. He additionally cited the proposal of the central bank of Russia that recommends a complete ban over the domestic mining and trading of crypto.

While discussing the proposals for a crypto ban, it was mentioned by Matolcsy that he favored the proposals completely along with supporting the point of the financial regulator of the EU to prohibit the mining method to create unique Bitcoin. He has a strong belief that possible concerns like the usage of crypto for illegitimate purposes can potentially develop financial pyramids.

In addition to this, Matolcsy pointed toward the hazards posed by the central bank of Russia, that the crypto’s market value is directly linked to the speculative demand for the upcoming growth, which develops bubbles.

While concluding, the governor proposes an outright ban over the digital asset class to meet the hazards of bubbles and pyramids that the investors experience. EU-based companies and citizens would be permitted to possess crypto abroad with regulators having a tracking over their holdings.

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In 2021’s September, a bronze figure of Satoshi Nakamoto (the legendary creator of Bitcoin) was presented in Graphisoft Park of Budapest. It was formerly reported then that the upper half portion of the body is shown in the figure with an expressionless face in a hoodie having the logo of Bitcoin (BTC).

On the day, when the figure of Satoshi was unveiled, the incident was frequently shared on Twitter. A Twitter post regarding the occasion declared that the statue was a symbol of the struggle of those who are against authoritarianism including journalists and dissidents to whom Viktor Orbán persecuted in Hungary. The chief executive officer of Shinrai (a Hungary-based crypto exchange), Debreczeni Barnabás, was included in several entrepreneurs who expressed their thoughts at the occasion.

He spoke that an autonomous currency has been created by Satoshi Nakamoto and people have been empowered by it in the terms of financial sovereignty. In his words, the purpose for erecting that statue was to remind people of the virtue and courage and to ever dream big.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.