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Former Belgian Finance Minister Says Government should Ban Cryptocurrencies just like Drugs

European Parliament has not hidden its anti-crypto stance from the very beginning. However, following the recent fallen banking incidents, namely Silvergate, Signature, and SVB, the member of the European Parliament has issued some abrasive remarks about crypto regulations

These politicians and legislatures are trying to set a new precedent for cryptocurrency firms and banks under their jurisdiction. To this end, Johan Van Overtveldt, who is a European parliament member and former finance minister of Belgium, has compared cryptocurrencies with drugs.

He has shared some new opinion tweets where he called for banning cryptocurrencies, much like drugs. He referenced the three banks in the USA that are now out of commission and claimed that the regulators in other jurisdictions should take heed of this incident and impose a crypto embargo before it happens once again. 

He has implied that the recent banking failures are a result of pressure from the cryptocurrency markets rather than other issues, such as interest hikes and sudden changes in the treasury bond returns.

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The former finance minister of Belgium served during his tenure from 2014 to 2018. He latest joined the European Parliament in 2019 and was also got elected to the Committee of Economic and Monetary Affairs. 

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However, he has refrained from sharing any technical or legal basis that regulators must invoke to impose the cryptocurrency ban. The committee that he is currently an active member of is also responsible for approving the Markets in Crypto-Assets or MiCA framework. MiCA will be set in motion in 2024.

The European Parliament is Working to Reduce Crypto Interest

The European Parliament has been working to reduce cryptocurrency interest and involvement in the sector for a while. Recently, it passed the Data Act that seeks to mandate a kill switch for all smart contract-based entities. 

Regulators have justified the Data Act by claiming that it will ensure legitimate data access and will be able to cut the unapproved data-sharing connections at will for the protection and benefit of the stakeholders. However, this act has sparked some controversy among cryptocurrency entities on account of dubious legal definitions and guidelines.

There have been several predictions about the upcoming economic crisis for a while. However, the world seems to be dealing with the matter one step at a time. The dust from the collapse of three banking enterprises in the USA has not settled yet. 

The impacts on the international markets have started to show. The regulators in other countries have started to check their stances on cryptocurrency affiliations in their countries. At one end, lawmakers in the USA have implicated cryptocurrency connections in the fall of these banks.

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On the other hand, the cryptocurrency market proponents and others feel that the government has played a passive role in the demise of these banks to set an anti-crypto precedent.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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