A European lawmaker has asked authorities to ban cryptocurrencies because of the current banking sector crisis. Johan Van Overtveldt, former Belgian finance minister, believes that these assets bring no economic or social value.
Former Belgian finance minister suggests banning decentralized digital currencies
MEP Johan Van Overtveldt argued that governments should ban cryptocurrencies like Bitcoin. His call came amid a crisis caused by the collapse of several banking institutions, including two crypto-friendly banks in the U.S.
“Another lesson to be learned from the current banking fiasco. Strictly ban cryptocurrencies,” the congressman, who has praised blockchain technology, tweeted Friday. ‘It is a speculative poison with no added economic or social value. If the government bans drugs, it should also ban cryptocurrencies,” he argued.
Nog een les te trekken uit de huidige bankcommotie. Leg een strikt verbod op cryptocurrencies op. Speculatief gif en geen enkele economische- of sociale toegevoegde waarde. Als een overheid drugs verbiedt, moet ze ook crypto’s verbieden.
— Johan Van Overtveldt (@jvanovertveldt) March 17, 2023
Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) party who served as his country’s finance minister in Prime Minister Charles Michel’s government from 2014 to 2018.
He was elected to the European Parliament in 2019, where he chairs the Budget Committee and represents the European Conservatives and Reformists (ECR) group in the Economic and Monetary Affairs Committee (ECON).
ECRis a soft Eurosceptic, anti-federalist political group in the EU legislature. Free enterprise, minimal regulation, lower taxation, and “small government as the ultimate catalyst for individual freedom and individual and national prosperity” are among its founding principles.
Overtveldt’s statement on cryptocurrencies follows the collapse of three US banks, two of which were involved in the crypto space, Silvergate Bank and Silicon Valley Bank. The impact of these failures also reached Europe, affecting Credit Suisse, a major investment bank in the old continent.
Europe has yet to comprehensively regulate the crypto economy by implementing a legislative package called Markets in Crypto Assets (MiCA) The EU institutions and member states agreed to this proposal last summer. It introduces rules for crypto service providers across the 27-strong bloc.
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