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EU Court Rules Hungary's State Monopoly Over Mobile Payments Is Illegal (reuters.com)
Hungarian state's monopoly over national mobile payment services has been ruled illegal by the European Court of Justice. "The ruling would require the end of exclusive control over Hungarian mobile payments exercised since July 2014 by state-owned firm Nemzeti Mobilfizetesi Zrt," reports Reuters. "This exclusive operation 'is contrary to EU law,' the bloc's top court said in a statement."
"Even if the services provided under that system constitute services of general economic interest, their supply cannot be reserved to a state monopoly," the court added.
"Even if the services provided under that system constitute services of general economic interest, their supply cannot be reserved to a state monopoly," the court added.
Corporations are certainly allowed to print their own cash. They just can't print currency that they do not legitimately own, or are not allowed to do under the terms regulating those currencies. They can print as much Corp-dolars, AmazonPoints, Casino chips, or Bitcoins as they please.
No. Hungary is allowed to run a mobile payment service, but Hungary is not allowed to forbid private companies from doing the same. It is not allowed to require by law that all mobile payments go through the state operated mobile payment processor.
Actually, yes, because such payment systems are one of those things where "market mechanisms" do not cause healthy competition in the long run. And a state-owned monopoly, which is at least indirectly controllable (via elections) is a lot better than some arbitrary mega-corporation skimming money off every transaction.
I actually still prefer the mobile payment system "cash", which is state owned, and does not make me the product of data krakens.
No you slobbering illiberal twit. Did you even read summary? You just saw EU and hurr hurr brexit.
What kind of mental fucking gymnastics do you have to pull to think a state controlled monopoly on mobile payments is a good idea? In what dimension, what reality would this be a good plan? And it's not even a state monopoly. It's the state taking kickbacks from some oligarch to be handed control of a lucrative industry.
It's this kind of fucking nonsense that the EU was expressly designed to fix. Hungary wants the benefits of the EU? They adopt policies that are not fucking for terrible the country and member countries.
Because it's not just Hungary that's hurt by this god-awful policy. It's everyone who does business with people in the Hungary.
You people are all so fucking stupid, it's depressing.
The EU is a club. It costs money to join, there are rules to follow, and there are benefits of membership, like frictionless access to a market of several hundred million people. With the exception of the money, this is no different from every international agreement between two or more countries. If Hungary wants to have airlines flying into its airports and through its airspace, then it must agree to be bound by the various treaties that govern international aviation, which also impose onerous requirements on what it can and cannot do.
You people getting your knickers in a twist over sovereignty are the epitome of Randian stupidity. And like the Randians, what's particularly galling is that you actually think you're bright.