Former Belgian finance minister calls for ban on cryptocurrencies amid banking crisis

The former Belgian finance minister and current member of the European Parliament, Johan Van Overtveldt, has called on authorities to ban cryptocurrencies.

Another lesson to draw from the current bank turmoil. Impose a strict ban on cryptocurrencies. Speculative poison and no economic or social value added. If a government bans drugs, it should also ban cryptocurrencies.

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

“One more lesson to draw from the current banking turmoil. A strict ban on cryptocurrencies is necessary. Speculative poison and no economic or social value. If the government bans drugs, it should also ban cryptocurrencies,” the politician wrote.

Overtveldt made the statement in the wake of the collapse SVB and Signature Bank, the fallout of which spread to Europe, affecting one of the region’s largest local investment banks — Credit Suisse.

On 15 March, the fell in price by more than 15%, and at one point the decline from the ATH reached 98%. This prompted Credit Suisse задуматься about a $53 billion loan from the Swiss National Bank.

In прошлогодних дебатах, Overtveldt noted the “great potential” of the technologies underlying cryptocurrencies.

Earlier in March 2023, the European Parliament adopted a data-protection bill that concerns smart contracts.

Later the EU authorities approved a decree on the system of digital identity.