Chair of EU Parliament’s Committee on Budgets Requires Crypto Ban Amid Banking Turmoil

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the present disaster within the banking sector as a purpose. Johan Van Overtveldt, former finance minister of Belgium, believes these property carry no financial or social worth.

Belgium’s Ex-Finance Minister Suggests Ban on Decentralized Digital Currencies

Member of the European Parliament, Johan Van Overtveldt, has insisted that governments ought to prohibit cryptocurrencies like bitcoin. His name comes amid a disaster sparked by the failure of a number of banking establishments, together with two crypto-friendly banks within the U.S.

“One other lesson to be discovered from the present banking commotion. Implement a strict ban on cryptocurrencies,” the lawmaker, who has beforehand praised blockchain know-how, tweeted on Friday. “Speculative poison and no financial or social added worth. If a authorities bans medicine, it also needs to ban cryptos,” 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 medicine 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) social gathering, who served as his nation’s minister of finance between 2014 and 2018, within the authorities of Prime Minister Charles Michel.

He was elected to the European Parliament in 2019 the place he has been chairing the Committee on Budgets and represents the European Conservatives and Reformists (ECR) group within the Committee on Financial and Financial Affairs (ECON).

ECR is a tender Eurosceptic, anti-federalist political group within the EU’s legislature. Free enterprise, minimal regulation, decrease taxation, together with “small authorities as the last word catalysts for particular person freedom and private and nationwide prosperity” are amongst its founding ideas.

Overtveldt’s assertion concerning cryptocurrencies follows the collapse of three U.S. banks, two of which have been concerned within the crypto area, Silvergate Financial institution and Silicon Valley Financial institution. The results of those failures reached Europe, affecting Credit score Suisse, a significant funding financial institution on the Outdated Continent.

Europe is but to comprehensively regulate its crypto financial system by implementing a legislative package deal referred to as Markets in Crypto Property (MiCA). EU establishments and member states agreed on the proposal final summer time. It introduces guidelines for crypto service suppliers throughout the 27-strong bloc.

Do you assume Johan Van Overtveldt has a purpose to make a name for a crypto ban? Inform us within the feedback part beneath.