National Bank of Hungary (NBH) governor Gyorgy Matolcsy took a stand for banning cryptocurrency trading and mining in the European Union in a piece posted on the central bank’s website.

Commenting on a piece in the Financial Times on a proposal by Russia’s central bank to ban crypto trading and mining, Mr Matolcsy said „I perfectly agree with the proposal”.

Mr Matolcsy also said he backs the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin.

„It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids,” Mr Matolcsy said.

„The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles. EU citizens and companies would be allowed to own cryptocurrencies abroad and regulators will track their holdings,” he added.