Hungary Declares Cryptocurrencies Are Not a Legal Payment Method

According to a statement from Hungary’s Finance Ministry, cryptocurrencies do not qualify as legal tender, electronic cash, financial instruments, or cash equivalents under current Hungarian law.

Hungary is exploring the establishment of regulations for cryptocurrency instruments, as reported by local financial news sources. A collaborative working group has been formed, involving the central bank, the tax authority, and the finance ministry, to assess the legal, economic, tax, and law enforcement implications of cryptocurrencies.