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

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 present disaster within the banking sector as a cause. 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.

“Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies,” the lawmaker, who has beforehand praised blockchain know-how, 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) celebration, 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 Economic and Monetary Affairs (ECON).

ECR is a smooth Eurosceptic, anti-federalist political group within the EU’s legislature. Free enterprise, minimal regulation, decrease taxation, together with “small government as the ultimate catalysts for individual freedom and personal and national prosperity” are amongst its founding rules.

Overtveldt’s assertion relating to cryptocurrencies follows the collapse of three U.S. banks, two of which have been concerned within the crypto area, Silvergate Bank and Silicon Valley Bank. The penalties of these failures reached Europe, affecting Credit Suisse, a significant funding financial institution on the Old Continent.

Europe is but to comprehensively regulate its crypto economic system by implementing a legislative package deal known as Markets in Crypto Assets (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.

Tags on this story

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

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Alexandros Michailidis / Shutterstock.com

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