‘If a authorities bans medicine, it also needs to ban crypto’ — Belgium’s former finance minister

Johan Van Overtveldt, a member of the European Parliament and the previous Minister of Finance of Belgium, has known as for a “strict ban” on crypto because of the present banking disaster.

In a March 17 tweet, Overtveldt suggested lawmakers ought to take into account banning cryptocurrencies as a “lesson” from the collapses of Silicon Valley Financial institution, Signature Financial institution and Silvergate Financial institution in the USA, referring to digital property as “speculative poison.” Members of the European Parliament have been discussing the influence of the failure of those banks on markets in its jurisdiction.

“If a authorities bans medicine, it also needs to ban cryptos,” stated Overtveldt.

Nog een les te trekken uit de huidige bankcommotie. Leg een strikt verbod op cryptocurrencies op. Speculatief gif en geen enkele economische- of sociale toegevoegde waarde. Als een overheid medicine verbiedt, moet ze ook crypto’s verbieden.

— Johan Van Overtveldt (@jvanovertveldt) March 17, 2023

A finance minister of Belgium from 2014 to 2018, Overtveldt turned a European Parliament member in 2019 and a part of its Committee on Financial and Financial Affairs. In October 2022, the committee permitted the Markets in Crypto-Belongings, or MiCA, framework, anticipated to enter impact beginning in 2024.

Associated: The restrictions of the EU’s new cryptocurrency laws

Because the influence of the banking disaster unfolds, many U.S. lawmakers have additionally claimed monetary establishments’ ties to crypto companies had been partly liable for their collapse, beginning with Silvergate’s voluntary liquidation on March 8. Silicon Valley Financial institution adopted on March 10 amid a financial institution run, and New York regulators took management of Signature on March 12. SVB Monetary Group has since filed for Chapter 11 chapter.