Right-wing Belgian politician urges outright ban on Cryptocurrency use

Right-wing Belgian politician urges outright ban on Cryptocurrency use

Several prominent personalities worldwide shared their views on crypto regulation after the second-biggest collapse of three major banks in the United States. The Silicon Valley Bank, the Silvergate bank, and the Signature bank collapse created a tug-of-war between the crypto experts. 

Former Belgian finance minister, Van Overtveldt joined the list of persons who provided their views on crypto legislation. On 16 March, he used Twitter to share his views on current crypto uncertainty. He urged for an outright ban on the use of cryptocurrencies after the banking sector turmoil. 

Van Overtveldt is a member of the right-wing political party European Conservatives and Reformers. His party currently has the fifth largest in the Belgian parliament. The fall of three United States banks alerted the various government worldwide. Every state looking at its existing crypto regulation frameworks. Even in the United States some lawmakers have raised questions about the existence of cryptocurrencies in the system and appealed for strict action. 

The former Belgian finance minister compared the crypto industry with drugs and said that “If a government bans drugs, it should also ban crypto”. The Belgian parliament is set to vote on the crypto market regulation next month. By calling for an outright ban on crypto business in the country, Van Overtveldt has contradicted his statement released on March 2022. 

In his previous statement, the former Belgian finance minister revealed his intentions for a digitalized economy with more openness towards distributed ledger technology (DLT). Additionally, he cited the potential of cryptocurrencies in nation-building.

With more countries analyzing their crypto regulation frameworks we will witness new policies in near future. 

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