- Overtveldt, a member of the European Parliament and former Belgian finance minister, has known as for a cryptocurrency prohibition.
- Van Overtveldt made the statements because the European Parliament prepares to vote on the area’s landmark crypto licensing laws.
In response to the turbulence within the banking business, Johan Van Overtveldt, a member of the European Parliament and a former finance minister of Belgium, known as for a ban on cryptocurrencies in a Friday tweet.
Van Overtveldt made the remarks because the European Parliament readies to vote on historic crypto licensing legal guidelines for the area. Van Overtveldt is the financial spokesperson for a bunch of 64 EU legislators.
“One other factor to remove from the current banking uproar.” Van Overtveldt tweeted, “Implement a extreme prohibition on cryptocurrencies. The property are nothing greater than speculative and haven’t any financial or social worth.
Causes for such a transfer
“If a authorities outlaws medication, then it also needs to outlaw cryptocurrency,” he continued as fallout from the collapse of cryptocurrency-friendly Silvergate and Silicon Valley Financial institution reached European markets, sending Credit score Suisse’s inventory to a file low and requiring it to borrow $53 billion from the Swiss Nationwide Financial institution.
Within the Financial and Financial Affairs Committee, Van Overtveldt represents the right-wing European Conservatives and Reformers, the fifth-largest political get together within the Parliament.
From 2014 till 2018, he served because the finance minister of Belgium.
The Markets in Crypto Belongings rule, which is able to create a regulatory framework for pockets suppliers and exchanges in the event that they adhere to governance and consumer-protection norms, is scheduled for a vote by the Parliament’s 705 members as quickly as subsequent month.
The central financial institution and crypto
The governor of the Belgian Central Financial institution, however, claims that his establishment welcomed the 2022 decline in cryptocurrency costs and that the beginning of the crypto winter final 12 months “was good news for us.”
The cryptocurrency “implosions” of the earlier 12 months, in accordance with Governor Pierre Wunsch of Enterprise AM, have been “good news in themselves for us.” On this state of affairs, “we” refers to “the regulators of the steadiness of the normal monetary system,” the media supply noticed.
The work on a brand new legislation permitting the buying and selling of securities based mostly on distributed ledger know-how was overseen by Van Overtveldt, who additionally acknowledged that the know-how underlying cryptocurrencies has “enormous potential” to extend productiveness.
