Ex-Belgian Finance Minister Proposes Crypto Ban amid Banking Turmoil

Ex-Belgian Finance Minister Proposes Crypto Ban amid Banking Turmoil
Source: Journal Général de l’Europe

Crypto has always ended up as a doubtful asset for various nations. Even though the overview of cryptocurrencies has shifted from a mere viewpoint of being used for money laundering and other illicit activities, several nations and personalities still believe it is irrelevant.

Even though some nations embrace digital assets, others want an outright ban. Johan Van Overtveldt, a former Belgian finance minister and a member of the European Parliament, calls for a cryptocurrency ban. He exhibited his view in one of his recent tweets.

European Parliament member says government should ban crypto if it bans drugs

Overtveldt mentioned the recent fall of banks and stated that there is another lesson that should be learned from this commotion. Out of nowhere, he mentioned that a strict ban should be imposed on cryptocurrencies. The EU Parliament member mentioned that cryptocurrency is a speculative poison that holds no economic or social value.

The tweet also makes a surprising comparison that makes no sense. Overtveldt stated: “If a government bans drugs, it should also ban cryptos.”

Read more: Crypto Mixer ChipMixer Shut Down for Alleged Money Laundering

This comment from Overtveldt is a follow-up to the recent bank crisis that witnessed the collapse of three cryptocurrency-friendly banks. Starting from Silvergate Bank, Silicon Valley Bank, and Signature Bank, they fell prey to the banking collapse. The Silicon Valley Bank also filed for Chapter 11 bankruptcy. Another interesting point to note is that the Federal Reserve lent the banks over $300 billion in the past week to save them from drowning.

Despite all the chaos, the cryptocurrency market is in full swing, with Bitcoin up by 6.58% in the last 24 hours according to CoinMarketCap data. The whole market is now trading in the green, with BTC slightly breaching the $27,000 level.

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