- Overveldt, a member of the European Parliament and former Belgian finance minister, has called for a ban on cryptocurrencies.
- Van Overveldt made the statement as the European Parliament prepares to vote on landmark cryptocurrency licensing rules for the region.
In response to the turmoil in the banking industry, Johan Van Overtvelt, a member of the European Parliament and former Belgian finance minister, called for a ban on cryptocurrencies in a tweet on Friday.
Van Overveldt made the comments as the European Parliament prepares to vote on landmark cryptocurrency licensing laws for the region. Van Overtveldt is the economic spokesperson for a group of 64 EU lawmakers.
“One more thing to take away from the current banking shock.” Van Overtvelt tweeted, “Enforce severe restrictions on cryptocurrencies. Property is nothing more than speculation and has no economic or social value.
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“If a government bans drugs, it should also ban cryptocurrencies,” he lashed out at European markets after the banking collapses of crypto-friendly Silvergate and Silicon Valley sent Credit Suisse shares to a record low and had to borrow $53 billion. From the Swiss National Bank.
On the Economic and Monetary Affairs Committee, Van Overtveldt represents the right-wing European Conservatives and Reformers, the fifth largest political party in parliament.
From 2014 to 2018, he served as the Minister of Finance of Belgium.
The Markets in Crypto Assets rule, which would create a regulatory framework for wallet providers and exchanges if they comply with governance and consumer protection rules, is scheduled to be voted on by all 705 members of parliament next month.
Central Banks and Crypto
On the other hand, the governor of the Central Bank of Belgium claims that his institution welcomed the fall in cryptocurrency prices in 2022 and that the start of the crypto winter last year was “very good news for us.”
Last year’s cryptocurrency “explosion” was “in itself excellent news for us,” according to Business AM Governor Pierre Wunsch. In this case, “we” refers to “regulators of the stability of the traditional financial system,” the source noted.
Discussing work on a new law allowing securities trading based on distributed ledger technology, van Overveldt also said that the technology underlying cryptocurrencies has “enormous potential” to increase productivity.