Ban on Cryptocurrency Mining
Erik Thedéen, vice chairman of the European Securities and Markets Authority’s (ESMA) Board of Supervisors, proposed for an EU-wide ban on cryptocurrency mining based on the proof-of-work principle in January.
“The fast rise and market value of cryptocurrencies are characterized mostly by speculative demand for future growth, which produces bubbles,” the governor of the Hungarian National Bank continued, adding that the Russian central bank “is right.”
“The EU should act jointly to prevent the formation of future financial pyramids and financial bubbles,” he said. EU people and businesses would be able to own cryptocurrencies in other countries, with regulators keeping track of their holdings.” Governor Matolcsy went on to say: ”The fact that cryptocurrency could be used to support illegal activity and build financial pyramids is obvious.”
Leave a Reply