Member of European Parliament Advocates Ban on Crypto Amid Bank Crisis

• In the United States, Silicon Valley Bank and Signature Bank both failed.
• Van Overtveldt is an ex-Belgian finance minister and member of the European Parliament.

In light of the present financial crisis, former Belgian Finance Minister and Member of the European Parliament Johan Van Overtveldt has advocated for a ban on cryptocurrency. According to Van Overtveldt, the digital asset business creates “no economic or social value.”

These were made in a tweet by the ex-Belgian official, who was commenting on the present panic in the banking industry. In an interesting twist, the statements were made just as the European Parliament was set to vote on groundbreaking crypto licensing laws for the union.

These unsettling events have injected fresh terror into the financial industry. In the United States, Silicon Valley Bank and Signature Bank both failed; in Europe, Credit Suisse had instability; while in the United Kingdom, First Republic Bank was saved by a remarkable rescue plan.

Strong Anti-crypto Message

Johan Van Overtveldt, a former Belgian finance minister and current member of the European Parliament, has reportedly advocated for a ban on cryptocurrencies in light of the ongoing financial crisis. In addition, he tweeted his views on the current market climate and the role of cryptocurrency.

Van Overtveldt stated:

“Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies. If the government bans drugs, it should also ban cryptos.

The former Belgian official’s view may have been influenced by the ripple effect of the collapse of crypto-friendly banks Silvergate and Silicon Valley Bank. No doubt adding fuel to a fire that may have ultimately doomed Signature Bank. The “strong anti-crypto message” from authorities was evident in its shutdown, as board member Barney Frank put it.