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Hungary to Integrate Cryptocurrency Services into Banking Sector
https://youtube.com/shorts/_M6zybny2hw
The Hungarian government has proposed new legislation that could transform the financial landscape by allowing banks and other financial entities to provide services in Bitcoin and various cryptocurrencies. This initiative seeks to modernize Hungary's financial regulations to be in step with broader European Union policies.
The draft legislation, which is still under review, has earmarked the Hungarian Central Bank (Magyar Nemzeti Bank or MNB) to oversee these emerging financial services. The aim is to have this regulatory framework operational by June 30, marking a pivotal moment for Hungary's approach to cryptocurrency. Currently, the nation does not recognize any form of digital currency as legal tender, highlighting the groundbreaking nature of this proposal.
Despite the enthusiasm for this legislative progress, there's a cautious approach towards the adoption of a central bank digital currency (CBDC). The MNB is considering the potential of a CBDC but indicates that there's no immediate need to introduce such a digital currency.
The backdrop to this legislative development is a growing discord between the Hungarian government and the Central Bank, primarily over issues of economic policy and the bank's independence. Central Bank Governor Gyorgy Matolcsy has voiced concerns over the government's attempts to undermine the bank's autonomy, particularly criticizing the economic stimulus measures as a threat to financial stability.
However, the government defends its proposal, arguing that it aims to bolster financial transparency and foster responsible management within the financial sector. It emphasizes that the proposed changes are designed to complement, not compromise, the Central Bank's authority in monetary policy decisions.
This legislative effort represents a significant step for Hungary, indicating a readiness to integrate cryptocurrency services into its financial system, while also highlighting the delicate balance between innovation, regulatory oversight, and the autonomy of financial institutions.
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