Hungary Does Not Consider Cryptocurrency Legal Tender Yet

Hungary is reportedly working on a regulatory framework for cryptocurrencies but doesn’t consider them a legal tender yet. The country’s current legislation imposes steep taxes, making it a fairly unwelcoming territory for cryptocurrency investors.

Not Legal Tender

Citing a written statement of the country’s Finance Ministry, local Hungarian media Portfolio reports that Bitcoin and other cryptocurrencies do not qualify as legal tender.

However, the country is purportedly working actively on a regulatory framework to address all aspects of cryptocurrencies. The statement reads:

Hungary is currently looking into regulating crypto instruments, and the central bank, the tax authority, the finance ministry and other authorities have set up a joint workgroup to evaluate legal, economic, law enforcement, money laundering and other aspects of cryptocurrencies with an eye to introducing more detailed regulation.

Unfavorable Taxation

Hungary’s taxation is infamously hostile towards…