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Hungary Joins Growing List of Central Banks Against Crypto

The Central Bank of Hungary has become the latest in a long list of regulators to call for a ban on cryptocurrency trading and mining. This follows closely behind the central banks of India, China, Russia, and Pakistan, all of which called for cryptocurrency bans in the past few months.

In a blog post entitled “The time has come to ban crypto trading and mining in the EU,” György Matolcsy, the governor of Hungary’s Central Bank, said he agreed with the EU financial regulator’s proposal to ban Bitcoin mining in the nation. Matolcsy said it is obvious that “cryptocurrency could be used to support illegal activity” and “build financial pyramids,” but failed to elaborate further.

It’s an unfortunate development in a country that recently unveiled the first-ever statue in honor of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The statue, created by Hungarian sculptors Gergely Réka and Tamás Gilly, is placed in the capital city of Budapest.

However, some governments are not as quick to call on a cryptocurrency ban as their central banks are. Russia’s President, Vladimir Putin, has decided to embrace a more careful approach to crypto regulation, fearing an outright ban could make the country fall behind in terms of financial innovation.

Canada Invokes Emergency Laws Against Crypto Funding

In other news, Canadian prime minister Justin Trudeau has invoked emergency laws to stem the flow of cryptocurrency payments to truckers protesting COVID-19 vaccine mandates. Truckers have been relying on support from the cryptocurrency community following a block on funds raised lawfully through crowd-funding sites. Trudeau claims the emergency laws are “about keeping Canadians safe, protecting peoples’ jobs, and restoring faith in our institutions” and that they are not “preventing people from exercising their right to protest legally.”

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