Johan Van Overtveldt, the former Belgian Finance Minister and representative of the right-wing political party ECR in the European Parliament, has recently made headlines by urging EU authorities to immediately ban cryptocurrencies.
The politician drew a comparison between cryptocurrencies and drugs, and emphasized the need for measures to safeguard national financial systems.
Overtveldt argued that the undue focus on crypto assets and catering to the interests of participants in the cryptocurrency industry was the root cause of the downfall of three of the leading US banks.
During a speech to MEPs, Overtveldt highlighted the impact of the collapse of crypto-oriented banks like Silvergate Bank and Silicon Valley Bank on the European markets, citing the record low of Credit Suisse shares and the bank’s borrowing of $53 billion from the Swiss National Bank to maintain liquidity.
The parliamentarian stressed that the current banking crisis should serve as a lesson to impose a strict ban on cryptocurrencies, calling them “speculative poison” with no economic or social added value.
Overtveldt’s views on the matter are in line with the European Right Conservatives and Reformers, the fifth largest political group in Parliament, and he serves on the Committee on Economic and Monetary Affairs of the European Parliament.
The European Parliament recently passed a bill supporting the use of zero-knowledge proof technology to protect the privacy of digital wallets of EU citizens, indicating a growing interest in digital currencies and their potential benefits.
However, Overtveldt’s call for a ban on cryptocurrencies presents a stark contrast to this trend. The debate on the role of digital currencies in the global financial landscape continues, and it remains to be seen how regulators and lawmakers will respond to this emerging technology.