Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The head of Hungary’s central monetary authority spoke out in favor of the anti-crypto stance of countries like China and Russia. He believes the EU should take a similar approach.
The governor of Hungary’s Central Bank is urging the European Union (EU) to issue a ban on activities related to the Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and other digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies.
The head of the organisation, György Matolcsy, has issued a communiqué saying that he supports the proposed ban on cryptocurrency trading and mining in the European Union . He argued that the asset class can be leveraged to carry out “. illegal activities” including financial fraud, a judgment that has been widely held by many industry critics.
To make his point, he made mention of the Chinese government’s decision to outlaw all transactions with digital assets, as well as the recent proposal by Russia’s central bank to implement similar measures. Matolcsy said he was fully in favor of these plans, and called on the EU to lift a prohibitive policy.
China outlawed all cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. activities last September and Russia’s central bank is proposing to ban cryptocurrency trading and mining. I fully agree with the proposal and also support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the point of the EU’s top financial regulator that the EU should ban the mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. method used to produce … new bitcoins.
Matolcsy agrees with China’s anti-crypto stance
Matolcsy added that he agreed with the Russian monetary authority when it stated that “… the Russian monetary authority is not a monetary authority. the soaring growth and market an area or arena, online or offline, in which commercial dealings are conducted. value of cryptocurrencies is defined primarily by speculative demand for future growth, which creates bubbles “.
It is clear that cryptocurrencies could be used for illegal activities and tend to build financial pyramids. [The EU must act together to prevent the construction of new financial pyramids and financial bubbles.
Russia’s central bank recently changed its position to support a regulation of cryptocurrencies instead of pursuing a complete ban; although the Hungarian official did not mention this change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. of decision in his letter.
In any case, the governor does not seem to expect the European Union to implement an extended ban for all countries in the alliance. Matolcsy instead proposed strict regulation at the local level while Europe’s watchdogs would monitor the sector more closely.
“ EU citizens and companies would be allowed to own cryptocurrencies abroad and regulators will track their holdings “, they say.
The statements by the head of Hungary’s central bank come in the same week as the European Commission to announce plans to formally move towards digital euro legislation by 2023 .
- European Union considers regulating the metaverse a metaverse is a digital universe that contains all the aspects of the real world, such as real-time interactions and economies. It offers a unique experience to end-users.
- Regulators in Sweden propose banning cryptocurrency mining in the European Union
- ESMA Vice President says PoW cryptocurrency should be banned in European Union
Article by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash edited in Canva