Date: 10 months ago   Category: Economy

In Hungary cryptocurrencies won't become a legal payment method


Hungary works on regulation of cryptocurrencies, but according to the Ministry of Finance, cryptocurrencies won't begin to be qualified as legal means of payment.

of Cryptocurrency aren't qualified as lawful means of payment, electronic cash, a financial instrument or a money equivalent according to the current legislation of Hungary, the Ministry of Finance of the country has stated, report local mass media.

According to the publication on the web portal of financial news Portfolio, Hungary studies a question of creation of rules for cryptocurrency tools now. The central bank, tax authority and the Ministry of Finance have united to create the working group for assessment of legal, economic, tax and law-enforcement consequences.

according to the Hungarian technological website Fintechzone, the government has decided to begin work with cryptocurrency policy because of the growing popularity, despite the related risks. Possible regulation of cryptocurrency tools in Hungary is really difficult task and his question can't be considered as a phenomenon of civil law in itself, - it is said in the statement of the ministry. From the point of view of the legislation, use of cryptocurrency system provides a large amount of risks, such as risks of money laundering and financing of terrorism, questions of control and consumer protection or cyber crime threat. The ministry has noted that the cryptocurrency branch needs tougher regulation, than that which is provided at the level of the EU and concerns measures for fight against money laundering at the cryptocurrency exchanges. However possible, the legislation shouldn't be so rigid not to frighten off innovative technologies, and only has to minimize risks.

Hungary is not the only European country which will toughen regulation of cryptocurrency branch. Last week it became clear that the group of the Ukrainian deputies has drafted the bill providing the taxation of profit on cryptocurrency trade. At the same time other countries, such as Malta, already regulate branch and attract the main players.

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