The European legislator called on the authorities to impose a ban on cryptocurrencies, citing the current crisis in the banking sector as the reason. Johan Van Overtveldt, former Belgian finance minister, believes that these assets do not bring economic or social value.
Ex-Belgian finance minister proposes to ban decentralized digital currencies
Member of the European Parliament Johan Van Overtveldt has pushed for governments to ban cryptocurrencies like bitcoin. His call came amid a crisis caused by the bankruptcy of several banking institutions, including two cryptocurrency banks in the US.
“Another lesson to be learned from the current banking turmoil. Introduce a strict ban on cryptocurrencies,” an MP who has previously praised blockchain technology tweeted on Friday. “Speculative poison and no economic or social added value. If the government bans drugs, it should also ban cryptocurrency,” he said.
Another lesson to be learned from the current banking turmoil. Introduce a strict ban on cryptocurrencies. Speculative poison and no economic or social added value. If the government bans drugs, it should also ban cryptocurrencies.
— Johan Van Overtveldt (@jvanovertveldt) March 17, 2023
Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) who served as his country’s finance minister in the government of Prime Minister Charles Michel from 2014 to 2018.
He was elected to the European Parliament in 2019, where he chaired the Budget Committee and represents the European Conservatives and Reformists (ECR) group on the Economic and Monetary Affairs Committee (ECON).
ECR is a mild Eurosceptic, anti-federalist political group in the EU legislature. Free enterprise, minimal regulation, lower taxes, and “small government as the ultimate catalyst for personal freedom and personal and national prosperity” are among its founding principles.
Overtveld’s announcement about cryptocurrencies followed the collapse of three US banks, two of which were involved in the crypto space, Silvergate Bank and Silicon Valley Bank. The consequences of these failures reached Europe, affecting Credit Suisse, a major investment bank on the Old Continent.
Europe has yet to comprehensively regulate its crypto-economy by adopting a legislative package called Markets for Crypto Assets (MiCA). The EU institutions and member states agreed on this proposal last summer. It introduces rules for cryptographic service providers in a 27-strong block.
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