Ban on Cryptocurrencies Proposed by Belgian Finance Minister

03/17/2023 11:42 • Daily Digest • 125 views

Johan Van Overtveldt, a member of the European Parliament and former Belgian finance minister, reportedly called for a ban on cryptocurrencies in the wake of banking turmoil in a tweet on Friday. Overveldt says there is another lesson to be learned from the current banking turmoil. A strict ban on cryptocurrencies is imposed, and these assets are merely speculative and have no economic or social value. If the government bans drugs, it should also ban cryptocurrencies, as the impact of the failure of the cryptocurrency friendly Silvergate and Silicon Valley banks has spread to the European market, including pushing the stock price of Credit Suisse to historical lows and forcing it to borrow $53 billion from the Swiss National Bank.

Former Belgian Finance Minister: Cryptocurrency should be banned

Analysis based on this information:

Johan Van Overtveldt, a member of the European Parliament and former Belgian finance minister, has reportedly called for a ban on cryptocurrencies following the recent banking turmoil. According to him, there is another lesson to be learned from the current banking crisis – a strict ban on cryptocurrencies should be enforced as they hold no economic or social value and are merely speculative.

Overtveldt further stated that if the government can ban drugs, then it should also ban cryptocurrencies, as their impact has spread to various markets, including the European market. The failure of cryptocurrency-friendly institutions, such as Silvergate and Silicon Valley banks, has also led to the stock price of Credit Suisse hitting a historical low, and the bank had to borrow $53 billion from the Swiss National Bank.

The call for a ban is not a new concept as several governments have been contemplating implementing such regulation. However, the proposal remains controversial as cryptocurrencies like Bitcoin have been gaining considerable traction as people search for alternate investment opportunities. Implementing bans could push the public towards further unregulated markets and put them at increased risks of fraud, scams, and theft.

The possibility of a cryptocurrency ban might have significant implications for the global economy as the market’s capitalization has surpassed $2 trillion, and more institutional investors are stepping into the crypto sector. Many countries have already imposed such bans, and reports suggest that it might become a global trend as regulators lean towards tighter control of cryptocurrency markets.

In conclusion, the recent banking turmoil caused by the failing cryptocurrency-friendly banks has led Johan Van Overtveldt to propose a ban on cryptocurrencies. While it is unclear if the proposal will be accepted, the concept remains controversial, given the potential implications for the global economy. Bans could push people towards unregulated sectors and increase the risk of fraud and scams, but tighter regulations could also bring more stability to the crypto markets.

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Ban on Cryptocurrencies Proposed by Belgian Finance Minister

Former Belgian Finance Minister: Cryptocurrency should be banned

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