Former Belgian Finance Minister Calls for Crypto Ban in Wake of Banking Crisis

Johan Van Overtveldt, a former Belgian finance minister and current member of the European Parliament, has called for a ban on cryptocurrencies in a recent tweet. He argued that crypto assets have no economic or social value and are mere speculation, likening their potential ban to the prohibition of drugs. Van Overtveldt's call for a ban comes as the European Parliament prepares to vote on landmark crypto licensing rules for the bloc. The Markets in Crypto Assets regulation will provide a regulatory framework for digital-wallet providers and exchanges. Despite his recent stance, Van Overtveldt previously led the Parliament's work on a new law to allow trading of securities based on distributed ledger technology and has expressed the view that crypto's underlying technology has great potential to improve productivity.