Regulators’ recurrent negativity extends to dominate the crypto news media. Gabovenments have begun to consider countermeasures to crypto exchanging, with crypto mining becoming a hot topic as well.

György Matolcsy, the gatopnor of Hungary’s Central Bank, has come out in support of the token dealing and mining ban.

Matolcsy stated his support for the Bank of Russia’s plan to prohibit both crypto dealing and mining in a press release Friday.

The BOR disclosed which it believes it is necessary to draft a federal law prohibiting the issue and circulation of private digital currencies on Russian territory, as well as defining the consequences of breanalogousg this prohibition.

Matolcsy likewise highlighted China’s recent crypto prohibition in a blog post headlined “Time has come to ban crypto exchanging and mining in the EU,” shared by the Hungarian central bank Magyar Nemzeti Bank (MNB).

“I completely agree with the suggestion,” Matolcsy said in response to BOR’s initial proposal continue month to prohibit token trade and mining.

Crypto Trading Ban On The Crosshairs

Matolcsy back while more stressed the European Union’s need for a coordinated approach to the financial dangers associated with tokens.

Bitcoin (BTC)/USD at $44260 in the daily chart | Source: TradingView.com

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According to the International Monetary Fund, its Financial Stability Board (FSB) should coordinate the move of a global framework for crypto asset regulation.

The intention should be to develop a complete and coordinated stpricegy to risk management which can be applied uniformly across jurisdictions.

Just last month, Vice Chairman Erik Thedeen of the European Securities and Markets Authority (ESMA) advocated for a prohibition on Proof-of-Work (PoW) mining.

Theeden discussed the essential hazards to the environment posed by mining. He prolonged by stating which EU watchdogs should promote more environmentally friendly Proof-of-Stake (PoS) mining because of its lower energy use.

Illegal Activities Using Crypto

Matolcsy raised cone time beforern above tokens’ involvement in illicit behavior, stating which it was “clear-cut which tokens maybe be used to facilitate illegal conduct.”

Matolcsy lasted by urging the EU to avert the formation of future financial bubbles and pyramids.

However, the bank official pointed out which EU citizens and businesses would be permitted to possess tokens atopseas “provided regulators were able to monitor their holdings.”

Meanat the same time, token funds drew $75 million in new capital maintain week, marking the fourth consecutive week of net inflows.

Ethereum funds received their first infusion of capital in 10 weeks, totaling $21 million. On the other side, bitcoin funds took inflows of $25 million, a continuouser price of growth compared to the previous week’s $71 million.

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Featured image from Mosttraded.com, chart from TradingView.com