Hungary works in a legal framework for cryptocurrencies
The country analyzes the legal possibilities of the digital currencies in its financial system, although it does not consider them Fiat money of legal tender in the territory
Hungary studies the legal framework for cryptocurrencies to accept them in their financial system. This was announced on Tuesday by local media, despite the fact that in the country digital currencies are not considered FIAT money.
In Hungary, cryptocurrency transactions are subject to a high tax. Added to this are the risks posed by fluctuations in the price of bitcoin worldwide and attacks with malwares and viruses, as well as fraud and theft.
This scenario has kept the country distrust of cryptocurrencies, where they are not considered a substitute for cash. This has been highlighted by the Minister of Finance, Mihály Vargas, who adds the cases of money laundering and terrorist financing.
In any case, an analysis group of the current regulations involving the Central Bank, the National Administration of Taxes and Customs of Hungary (NTCA), the Ministry of Finance and other authorities has been appointed.
The group will focus on both economic and legal aspects in order to avoid crimes related to transactions in digital money and ensure that the laws are complied with.
M.Pino
Source: Coincrispy
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