Governments Who ban Drugs Should Ban Crypto Too, Said Belgium’s Ex-Finance Minister

The former finance minister of Belgium, Johan Van Overtveldt, reportedly suggested that any country that bans drugs should also ban crypto assets. According to reports, he made the statement during the recently concluded European Parliament meeting.

During the meeting, the parliament was reportedly deliberating on the effect the recent collapse of three crypto-friendly banks, Silvergate Bank, Signature Bank, and Silicon Valley Bank, would have on the markets in their jurisdictions.

While contributing to the discussion as a member of the parliament, Johan Van Overtveldt suggested that a strict ban should be placed on crypto assets and transactions. He added that the ban would help to curb and prevent the recurrence of the banking crisis at hand.

In addition, Overtveldt tweeted that policymakers should forbid crypto transactions as a form of counter-action after the collapses of Signature Bank, Silvergate Bank, and Silicon Valley Bank in the United States. Furthermore, he added that crypto assets are speculative poison, and if a government should forbid drugs, it should forbid crypto as well.

Three Crypto-Friendly Banks Collapsed within 4 Days

From 2014 to 2018, Johan Overtveldt served as finance minister in Belgium. In 2019, he became a member of the European Parliament and was assigned a role as part of the parliamentary Panel on Economic and Monetary Affairs. In addition, the panel passed the Markets in Crypto-Assets (MiCA) regulation framework in October 2022. The bill was scheduled for enforcement by 2024.

On March 8, Silvergate Bank voluntarily liquidated its positions. Silicon Valley Bank followed suit on March 10 after filing for chapter 11 bankruptcy. And on March 12, the New York regulators took over the Signature Bank over the pretext of protecting investors.

The collapse of the three banks has raised a lot of concerns in the crypto industry. In addition, many investors and crypto platforms were affected by the banking crisis. Consequently, many United States policymakers have launched various investigations to identify the root cause of the problem. Some reported that the association of financial institutions with crypto platforms was responsible for the collapse of the banks.

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