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

A European lawmaker has urged authorities to enforce a prohibition connected cryptocurrencies citing the existent situation successful the banking assemblage arsenic a reason. Johan Van Overtveldt, erstwhile concern curate of Belgium, believes these assets bring nary economical oregon societal value.

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

Member of the European Parliament, Johan Van Overtveldt, has insisted that governments should prohibit cryptocurrencies similar bitcoin. His telephone comes amid a situation sparked by the nonaccomplishment of respective banking institutions, including 2 crypto-friendly banks successful the U.S.

“Another acquisition to beryllium learned from the existent banking commotion. Enforce a strict prohibition connected cryptocurrencies,” the lawmaker, who has antecedently praised blockchain technology, tweeted connected Friday. “Speculative poison and nary economical oregon societal added value. If a authorities bans drugs, it should besides prohibition cryptos,” helium 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 simply a Belgian writer and person from the New Flemish Alliance (N-VA) party, who served arsenic his country’s curate of concern betwixt 2014 and 2018, successful the authorities of Prime Minister Charles Michel.

He was elected to the European Parliament successful 2019 wherever helium has been chairing the Committee connected Budgets and represents the European Conservatives and Reformists (ECR) radical successful the Committee connected Economic and Monetary Affairs (ECON).

ECR is simply a brushed Eurosceptic, anti-federalist governmental radical successful the EU’s legislature. Free enterprise, minimal regulation, little taxation, on with “small authorities arsenic the eventual catalysts for idiosyncratic state and idiosyncratic and nationalist prosperity” are among its founding principles.

Overtveldt’s connection regarding cryptocurrencies follows the collapse of 3 U.S. banks, 2 of which were progressive successful the crypto space, Silvergate Bank and Silicon Valley Bank. The consequences of these failures reached Europe, affecting Credit Suisse, a large concern slope connected the Old Continent.

Europe is yet to comprehensively modulate its crypto system by enforcing a legislative bundle called Markets successful Crypto Assets (MiCA). EU institutions and subordinate states agreed connected the connection past summer. It introduces rules for crypto work providers crossed the 27-strong bloc.

Do you deliberation Johan Van Overtveldt has a crushed to marque a telephone for a crypto ban? Tell america successful the comments conception below.

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