Ex-Finance Minister of Belgium urges for Crypto ban
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Ex-Finance Minister of Belgium urges for Crypto ban

written by John Murphy | March 18, 2023

The Ex-Finance Minister of Belgium and a member of the European Parliament, Johan Van Overtveldt urges for the ban of Crypto. He is also the spokesperson for the group of 64 EU legislators. Overtveldt made the statement in response to the recent turmoil going on in the banking systems.

The European Union is closer to voting for a historic new crypto licensing regime for the region. Leading a significant development in the crypto industry. Amidst that Johan Van Overtveldt made a tweet on Friday.

Stating, “Another thing to take away from the present banking uproar.” adding’ “Enforce a severe prohibition on cryptocurrencies. The assets are nothing more than speculative and have no economic or social value.”

Why he made such a statement?

In light of the crisis that occurred quite recently amongst crypto-friendly banks, like the collapse of Silicon Valley Bank and Silvergate bank, The European markets have also been struck by the trouble. They faced issues with Credit Suisse’s stocks, as they reached a record low. Which ultimately led to them requiring to borrow a loan from the Swiss national banks of $53 million.

Johan Van Overtveldt compared the banning of crypto to the banning of drugs saying, “If a government outlaws drugs, then it should also outlaw cryptocurrency.”

Van Overtveldt serves in the right-wing European Conservatives and Reformers in the Economic and Monetary Affairs Committee. 705 members of the parliament will vote next month for the Market’s crypto assets rule. Only if they follow the governance and consumer protection norms. These rules will provide a regulatory framework for the exchanges and the wallet providers in the region.

Crypto relations with central banks in Belgium

The Remarks of the Governor of the Central Bank mirror the region’s feelings about crypto-adoption. As the governor stated that the crypto winter was “an excellent news for us” and also emphasized how they enjoyed the decrease in crypto prices in 2022.

Governor Pierre Wunsch of Business AM called the last year’s crypto “implosions” “excellent news in themselves for us”. According to a media source, he made this statement while including the regulators responsible for ensuring stability in the traditional finance system.

Overtveldt supervises the development of laws that permit the security of trade utilizing distributed ledger technology. He has also acknowledged the potential of the technology that supports cryptocurrency to enhance productivity.