Crypto ought to be banned the identical manner governments ban medicine, Johan Van Overtveldt, a member of the European Parliament and former finance minister of Belgium, stated in a tweet.
His controversial sentiments shortly sparked a heated response on Twitter, together with that of Cardano founder Charles Hoskinson.
Van Overtveldt’s remarks comes within the wake of the current failures of three US banks – Silicon Valley Financial institution, Signature Financial institution and Silvergate Financial institution – calling digital belongings “speculative poison.”
Crypto has no financial, social worth?
Because the European Parliament prepares for an important vote on revolutionary digital asset licensing guidelines for the EU, Van Overtveldt, who serves because the financial consultant of a coalition of 64 EU lawmakers, expressed his views on the matter.
Van Overtveldt tweeted:
“If a authorities bans medicine, it also needs to ban crypto.”
He additionally diminished such belongings to having “no financial or social worth”.
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
The EU remains to be within the means of implementing a complete regulatory framework for its digital forex business. This legislative bundle, referred to as Markets in Crypto Property (MiCA), was authorised by EU establishments and member states final summer season.
The purpose is to ascertain a set of pointers for cryptocurrency service suppliers working within the 27 member nations of the bloc.
Charles Hoskinson, Cardano Founder. Picture: Cointribune
Charles Hoskinson reacts
In the meantime, Charles Hoskinson, the creator of the Cardano blockchain, has expressed his perspective on politicians who attribute the downfall of main US banks solely to cryptocurrencies.
In response to an article protecting Van Overtveldt’s proposal to ban these digital asset varieties, he stated implored the digital forex neighborhood to stay steadfast and compile a listing of politicians who oppose it. By doing so, when election time comes, they are going to have the information essential to elect solely candidates who help crypto.
The central banks and politicians created this banking disaster and now they blame it on crypto https://t.co/LjUou7TTgm do not fall for it and hold a listing to recollect within the poll field when the election comes. Be a single case crypto voter
— Charles Hoskinson (@IOHK_Charles) March 17, 2023
Because the fallout from the banking disaster continues to unfold, quite a lot of US lawmakers have argued that the interconnections between monetary establishments and bitcoin corporations performed a job of their downfall.
Occasions started with Silvergate’s choice to voluntarily liquidate on March 8, adopted by Silicon Valley Financial institution on March 10, as a financial institution run ensued. New York regulators then took over Signature Financial institution on March 12.
Crypto complete market cap at a bit of over $1 trillion on the weekend chart at TradingView.com
A number of EU politicians have additionally not too long ago taken purpose at cryptocurrency, citing considerations about its potential to facilitate unlawful actions comparable to cash laundering and terrorist financing. Others have expressed comparable sentiments to Van Overtveldt, arguing that cryptocurrency’s anonymity and lack of regulation make it a chief goal for criminals.
This criticism has sparked a heated debate within the EU in regards to the function of bitcoin and different digital currencies within the trendy financial system and its potential dangers and advantages.
– Featured picture from Reuters
