A European lawmaker has referred to as on authorities to introduce a ban on cryptocurrencies citing the present disaster within the banking sector as a cause. Johan Van Overtveldt, former finance minister in Belgium, believes these belongings don’t present any financial or social worth.
Belgium’s former finance minister proposes a ban on decentralized digital currencies
Member of the European Parliament, Johan Van Overtveldt, has insisted that governments ought to ban cryptocurrencies corresponding to bitcoin. His name comes amid a disaster triggered by the failure of a number of banking establishments, together with two crypto-friendly banks within the US
“One other lesson to be discovered from the present banking turmoil. Implement a strict ban on cryptocurrencies,” the lawmaker, who has beforehand praised blockchain know-how, tweeted on Friday. “Speculative poison and no financial or social added worth. If a authorities bans medication, it must also ban crypto,” he argued.
One other learn to attract from the present banking commotie. Set up a strict ban on cryptocurrencies. Speculative gif a no easy financial or social added worth. As soon as a public drug has been confirmed, cryptos should even be used.
— Johan Van Overtveldt (@jvanovertveldt) March 17, 2023
Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) celebration, who served because the nation’s finance minister 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 chairman of the finances committee and represents the European Conservatives and Reformists (ECR) group within the Committee on Financial and Financial Affairs (ECON).
The ECR is a delicate Eurosceptic, anti-federalist political group within the EU legislature. Free enterprise, minimal regulation, decrease taxation, together with “small authorities as the last word catalyst for particular person freedom and private and nationwide prosperity” are among the many founding ideas.
Overtveldt’s assertion concerning cryptocurrencies follows the collapse of three US banks, two of which have been concerned within the crypto house, Silvergate Financial institution and Silicon Valley Financial institution. The results of those failures reached Europe, affecting Credit score Suisse, a serious funding financial institution on the outdated continent.
Europe has but to completely regulate its crypto financial system by imposing a legislative package deal referred to as Markets in Crypto Belongings (MiCA). EU establishments and member states agreed on the proposal final summer season. It introduces guidelines for crypto service suppliers throughout the 27-strong bloc.
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