Johan Van OvertveldtMember of the European Parliament and former Belgian finance minister, demanded a ban on cryptocurrencies following the uproar in the banking sector, in a tweet posted on Friday. Van Overtveldt, economics spokesperson for a coalition of 64 MEPs, made the remarks as the European Parliament prepares to vote on landmark cryptocurrency regulation rules for the bloc.
“Another lesson to be learned from the current banking turmoil. Imposing a strict ban on cryptocurrencies,” Van Overtveldt tweeted, saying that these assets were mere speculation without “economic or social value.
If a government bans drugs, it should also ban crypto,” he added, as the repercussions of the failure of crypto-friendly banks, silver gate And Silicon Valley Bankspread to European markets, causing prices to plummet actions of Swiss credit at a historically low level and forcing the latter to borrow $53 billion from the Swiss National Bank. Van Overtveldt represents the right-wing European Conservatives and Reformists, the fifth largest political group in Parliament, on the Economic and Monetary Affairs Committee. He was Minister of Finance of Belgium from 2014 to 2018. ECR is dedicated to “individual freedom.. private property … limited government.”
The 705 deputies of Parliament must vote next month on the regulation of asset markets cryptocurrencies, which will provide a regulatory framework for wallet providers and exchanges if they meet the standards of governance and consumer protection. Van Overtveldt led the work of parliament on a new law aiming to authorize exchanges of securities based on distributed ledger technology and said the technology supporting cryptocurrencies has “tremendous potential” to improve productivity.
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