EU should ban crypto trading and mining, says Hungary’s Central Bank Head

György Matolcsy , the governor of Hungary’s central bank (MNB), wants to see the European Union (EU) ban crypto trading and mining.

In a press statement published on the official MNB website, Matolcsy noted that it’s time for the eurozone to undertake the tough regulatory step.

In his view, cryptocurrencies can be used to perpetuate illegal activities. He also noted that the crypto space tends “to build up financial pyramids,” alluding to long-held criticism that crypto is a bubble’

“The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles,” he added.

He pointed to China’s ban on crypto trading and mining in 2021 and the proposal from Russia’s central bank that the country needed to take similar steps.

“I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin,” he said in the statement.

His comments on Russia however come days after Moscow and the Russian central bank reached an agreement to have cryptocurrencies regulated.

He proposes that EU citizens and other investors can be allowed to access and own crypto assets outside of the block.

However, regulators would still track these holdings, the MNB chief added.

His comments come at a time the EU has indicated development of a digital euro is on track.