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e-mail: redactie@revcurentjur.ro
Year: 2024
Issue: 4
Volume: 99
Author Names: Zoltán NAGY, Zsófia FARKAS
Abstract: In recent years, there has been a significant increase of public interest in cryptocurrencies at a global level. As their use continues to grow and the crypto space expands further, so do the regulations governing cryptocurrencies around the world, which are by no means easy to keep up with. The absence of a legal framework for these decentralised and anonymous instruments could create major problems for the banking sector. The legal status of cryptocurrencies varies considerably from one state to another. In some countries there is an absolute ban, in others their use is authorised. Regarding Hungary, there is still a long way to go in terms of the regularization, as currently no banks or financial institutions recognize cryptocurrencies as regular means of payment. In June 2022 the Basel Committee of Banking Supervision has approved a standard set of final guidelines on the prudential treatment of banks' exposures to cryptoassets, which might also help this process. This study seeks to explore the risks to the banking system posed by cryptocurrency trading and whether there is any prospect of cryptocurrencies being legalised in Hungary.
DOI: https://doi.org/10.62838/cjjc-2024-0030
Pages: 80-88