• European lawmaker, Johan Van Overtveldt, has called for a ban on cryptocurrencies citing the current banking crisis.
• Van Overtveldt is a Belgian journalist and politician who has served as finance minister of Belgium and is currently chairing the Committee on Budgets in the EU Parliament.
• The suggestion follows the collapse of three U.S. banks, two of which were involved in the crypto space, Silvergate Bank and Silicon Valley Bank.

Chair of EU’s Committee on Budgets Calls for Crypto Ban

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value.

Belgium’s Ex-Finance Minister Suggests Ban

Member of the European Parliament, Johan Van Overtveldt, has insisted that governments should prohibit cryptocurrencies like bitcoin. His call comes amid a crisis sparked by the failure of several banking institutions, including two crypto-friendly banks in the U.S. „Another lesson to be learned from the current banking commotion: Enforce a strict ban on cryptocurrencies,“ he tweeted on Friday. „Speculative poison and no economic or social added value.“

Background Information

Van Overtveldt is a Belgian journalist and politician from New Flemish Alliance (N-VA) party who served as his country’s finance minister between 2014 and 2018 in Prime Minister Charles Michel’s government. He was elected to European Parliament in 2019 where he chairs Committee on Budgets and represents European Conservatives Reformists (ECR) group in Committee on Economic Monetary Affairs (ECON). ECR is soft Eurosceptic political group with principles such as free enterprise and minimal regulation among others.

Collapse Of US Banks

Overtveldt’s statement regarding cryptocurrencies follows collapse of three U.S banks – two being crypto friendly – Silvergate Bank & Silicon Valley Bank – whose consequences have reached Europe affecting Credit Suisse major investment bank thereon Old Continent yet to comprehensively regulate its crypto economy by enforcing legislative package Markets Crypto Assets (MiCA).

Conclusion

EU institutions & member states are attempting to create regulatory framework that balances consumer protection while allowing innovation & investments opportunities offered by blockchain technology & digital assets but this latest comment from influential MEP shows many still not convinced about cryptocurrency assets need uncertain future ahead them despite growing popularity amongst investors globally