'If a government bans drugs, it should also ban crypto' — Belgium's former finance minister

Johan Van Overtveldt, a subordinate of the European Parliament and the erstwhile Minister of Finance of Belgium, has called for a “strict ban” connected crypto arsenic a effect of the existent banking crisis.

In a March 17 tweet, Overtveldt suggested lawmakers should see banning cryptocurrencies arsenic a “lesson” from the collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank successful the United States, referring to integer assets arsenic “speculative poison”. Members of the European Parliament person been discussing the interaction of the nonaccomplishment of these banks connected markets successful its jurisdiction.

“If a authorities bans drugs, it should besides prohibition cryptos,” said 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 drugs verbiedt, moet ze ook crypto’s verbieden.

A concern curate of Belgium from 2014 to 2018, Overtveldt became a European Parliament subordinate successful 2019 and portion of its Committee connected Economic and Monetary Affairs. In October 2022, the committee approved the Markets successful Crypto-Assets, oregon MiCA, framework, expected to spell into effect starting successful 2024.

Related: The limitations of the EU’s caller cryptocurrency regulations

As the interaction of the banking situation unfolds, galore U.S. lawmakers person besides claimed fiscal institutions’ ties to crypto firms was partially liable for their collapse, starting with Silvergate’s voluntary liquidation connected March 8. Silicon Valley Bank followed connected March 10 amid a slope run, and New York regulators took power of Signature connected March 12. SVB Financial Group has since filed for Chapter 11 bankruptcy.