Belgian foreign minister calls for crypto ban

Dorian Batycka
Dorian Batycka

17 Mar 2023 3:36 PM

The comments come after a special Basel Committee on banking has recommended that banks develop protocols for holding stablecoins and crypto....

  • Johan Van Overtveldt, a member of the European Parliament, tweeted that an EU-wide ban should be imposed on cryptocurrencies due to recent turmoil in the banking sector.
  • He believes that crypto provides no economic or social value and should be banned like drugs.
  • Van Overtveldt is the economic spokesperson for a group of 64 EU lawmakers and chairs the Committee on Budgets.
  • The European Parliament is gearing up to vote on significant crypto licensing regulations for the bloc next month.
  • The Basel Committee on banking has recommended that banks develop protocols for holding and maintaining both Bitcoin and stablecoins by 2025.

The sentiment of the article is negative towards cryptocurrencies, as Johan Van Overtveldt is calling for an EU-wide ban on them and believes they provide no economic or social value. However, the article also mentions that the technology has "enormous potential" to enhance productivity.

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