Matolcsy calls for a Bitcoin mining and trading ban
In the statement, the central banker says he agrees with the proposal and supports the position of the EU's top financial regulator that the EU should ban crypto mining. He also states that he supports the Russian Central Bank's stance that the market value of cryptocurrencies is driven by "speculative demand for future growth, which creates bubbles.It appears that these comments by Matolcsy are in response to a statement by the Russian Central Bank three weeks ago in which it said in a report that it wanted to ban investment in cryptocurrencies in Russia because it saw risks to financial stability, as well as the fact that Erik Thedéen, vice-chair of the European Securities and Markets Authority, said that Bitcoin mining had become a "national problem."
Russia recently changed its position
While the central banker refers to a report in which the Russian Central Bank suggested banning crypto trading, it recently changed its position and now supports regulating cryptocurrencies rather than banning them outright. Russian President Vladimir Putin said he supports a plan to tax and regulate mining, citing Russia's "competitive advantages" from crypto mining.Matolcsy suggested that EU citizens and companies should be allowed to hold cryptocurrencies outside the EU and that regulators should track their holdings. He also mentioned an argument that most critics have against the crypto industry when he stated that "cryptocurrencies could service illegal activities and tend to build up financial pyramids," Matolcsy believes "The EU should act together to pre-empt the building up of new financial pyramids and financial bubbles."
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