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

Share This Post

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

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value.

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

Member of the European Parliament, Johan Van Overtveldt, has insisted that governments should prohibit cryptocurrencies like bitcoin. His call comes amid a crisis sparked by the failure of several banking institutions, including two crypto-friendly banks in the U.S.

“Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies,” the lawmaker, who has previously praised blockchain technology, tweeted on Friday. “Speculative poison and no economic or social added value. If a government bans drugs, it should also ban cryptos,” he argued.

Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) party, who served as his country’s minister of finance between 2014 and 2018, in the government of Prime Minister Charles Michel.

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

ECR is a soft Eurosceptic, anti-federalist political group in the EU’s legislature. Free enterprise, minimal regulation, lower taxation, along with “small government as the ultimate catalysts for individual freedom and personal and national prosperity” are among its founding principles.

Overtveldt’s statement regarding cryptocurrencies follows the collapse of three U.S. 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 is yet to comprehensively regulate its crypto economy by enforcing a legislative package called Markets in Crypto Assets (MiCA). EU institutions and member states agreed on the proposal last summer. It introduces rules for crypto service providers across the 27-strong bloc.

Do you think Johan Van Overtveldt has a reason to make a call for a crypto ban? Tell us in the comments section below.

Read Entire Article

Related Posts

Fundstrat’s Tom Lee believes Bitcoin will surge 200% to $150k this year and $500k in 5 years

Fundstrat Global Advisors co-founder Tom Lee believes Bitcoin is poised for a 200% growth over the coming months, taking its value to $150,000 per coin Lee made the statement during an appearance on

Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets

Bitcoin looks to be stuck in a consolidation zone between $50,000 and $52,000, with neither the bulls nor the bears succeeding in completely taking control of the trend This performance has sparked a

Ripple CEO Backs XRP ETFs, Says They Will Be “Certainly Welcome”

The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has expressed a favorable stance on the prospects of an XRP Exchange Traded Fund (ETF), emphasizing the likelihood of more

Decentralized Money Market Protocol Aave Joins BNB Chain’s Defi Landscape

On Feb 22, 2024, the primary development group of the BNB Chain revealed that the decentralized finance (defi) money market protocol, Aave, has been successfully launched on the BNB network Boasting

Andreessen Horowitz Fuels Crypto Startup EigenLayer With $100 Million Investment

In an important move for the blockchain sector, Andreessen Horowitz has invested a substantial $100 million in EigenLayer, a crypto startup, to support blockchain security and efficiency Related

Polygon Could See Bull Rally To $1.73 If This Happens: Analyst

An analyst explained that Polygon could see a potential bull rally to $173 if the cryptocurrency’s price is above this level Polygon Appears To Be Breaking Out Of A Symmetrical Triangle
- Advertisement -spot_img