Fun

Chair of EU Parliament’s Committee on Budgets Calls for Crypto Ban Amid Banking Turmoil

News Feed - 2023-03-19 04:03:46

Chair of EU Parliament’s Committee on Budgets Calls for Crypto Ban Amid Banking Turmoil


A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value. Belgium’s Ex-Finance Minister Suggests Ban on Decentralized Digital Currencies


Member of the European Parliament, Johan Van Overtveldt, has insisted that governments should prohibit cryptocurrencies like bitcoin. His call comes amid a crisis sparked by the failure of several banking institutions, including two crypto-friendly banks in the U.S.


“Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies,” the lawmaker, who has previously praised blockchain technology, tweeted on Friday. “Speculative poison and no economic or social added value. If a government bans drugs, it should also ban cryptos,” he argued. 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.


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


Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) party, who served as his country’s minister of finance between 2014 and 2018, in the government of Prime Minister Charles Michel.


He was elected to the European Parliament in 2019 where he has been chairing the Committee on Budgets and represents the European Conservatives and Reformists (ECR) group in the Committee on Economic and Monetary Affairs (ECON).


ECR is a soft Eurosceptic, anti-federalist political group in the EU’s legislature. Free enterprise, minimal regulation, lower taxation, along with “small government as the ultimate catalysts for individual freedom and personal and national prosperity” are among its founding principles.


Overtveldt’s statement regarding cryptocurrencies follows the collapse of three U.S. banks, two of which were involved in the crypto space, Silvergate Bank and Silicon Valley Bank. The consequences of these failures reached Europe, affecting Credit Suisse, a major investment bank on the Old Continent.


Europe is yet to comprehensively regulate its crypto economy by enforcing a legislative package called Markets in Crypto Assets (MiCA). EU institutions and member states agreed on the proposal last summer. It introduces rules for crypto service providers across the 27-strong bloc. Tags in this story ban, Banking Crisis, banks, Call, collapse, credit suisse, Crypto, crypto ban, Cryptocurrencies, Cryptocurrency, EU Parliament, European Parliament, Johan Van Overtveldt, lawmaker, Overtveldt, Silicon Valley Bank, Silvergate Bank, statement


Do you think Johan Van Overtveldt has a reason to make a call for a crypto ban? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners REGULATION | 1 day ago Indian Central Bank Chief: US Banking Crisis Clearly Shows Risks Crypto Poses to the Financial System REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Alexandros Michailidis / Shutterstock.com Previous articleMajor Cryptocurrency ATM Manufacturer General Bytes Hacked, Over $1.5M in Bitcoin Stolen Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Metaverse experiences with major brands, artists and DJs drive The Sandbox’s resurgence
Gareth Jenkinson11 hours agoMetaverse experiences with major brands, artists and DJs drive The Sandbox’s resurgenceBig brands like Gucci, Adidas and Lacoste continue to explore and create virtual experiences in The San
Blockchain-Backed NFT Market Value Grew 299% in 2020
Blockchain-Backed NFT Market Value Grew 299% in 2020 A report has unveiled figures that confirm the bullish run of non-fungible token markets over the last year.
Derek Andersen5 hours agoCiti Token Services will provide payments, liquidity to institutional customersThe new blockchain-based service will use tokenized deposits for trading and liquidity services after two pilots.927
Mercado Pago Launches Cryptocurrency Trading Services in Mexico
Mercado Pago Launches Cryptocurrency Trading Services in Mexico Mercado Pago, the financial wallet division of Mercado Libre, the Latam e-tail giant, has announced the launch of cr
Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in ‘Inflationary Bull Market’
Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in "Inflationary Bull Market" Renowned billionaire hedge fund manager Stanley Druckenmiller says that in an inflationary bu
Bybit surpasses Coinbase in market share after Binance's decline
Zoltan Vardai10 hours agoBybit surpasses Coinbase in market share after Binance"s declineBybit became the world’s second-largest crypto exchange, while the leading exchange, Binance, has lost some market share due to p
‘Black Thursday’ Liquidations Sparks $28M Lawsuit Against Maker Foundation
"Black Thursday" Liquidations Sparks $28M Lawsuit Against Maker FoundationThe Maker Foundation is being sued in a class-action lawsuit for $28 million over the March 12 event that c
Elon Musk Urges Dogecoin Whales to Dump Their Coins — Even Offers to Pay Them
Elon Musk Urges Dogecoin Whales to Dump Their Coins — Even Offers to Pay Them Tesla CEO Elon Musk believes that too many dogecoins are held by too few whales a
Sberbank Launches First Blockchain ETF in Russia
Sberbank Launches First Blockchain ETF in Russia Russian banking giant Sberbank has presented the country’s first exchange-traded fund (ETF) giving investors access to the b
Dogecoin Price Consolidates In Symmetrical Expanding Triangle, What’s Next For DOGE?
Este artículo también está disponible en español. Dogecoin (DOGE)   is once again making waves in the crypto market. This time, it’s due to a fascinating technical pat
Crypto users propose dropping lawsuit against Sam Bankman-Fried to pursue FTX influencers
Turner Wright2 hours agoCrypto users propose dropping lawsuit against Sam Bankman-Fried to pursue FTX influencersSubject to approval, the proposed settlement would resolve a civil suit between the former FTX CEO and user
Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments
Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments The British-Portuguese luxury fashion retailer Farfetch said it will accept crypto assets soon thanks