Former Belgian minister suggests blanket ban on the crypto industry


Johan Van Overtveldt shared his opinion against the crypto sector & suggested EU agencies impose a ban on the Crypto sector.

The European Union (EU) is a very big region of crypto friendly countries and in the EU state members showed a significant inclination toward the crypto sector. To regulate the crypto sector under a proper & clear regulation system, a crypto-dedicated regulatory body Markets in Crypto Assets (MiCA) is working on crypto regulation development and that will come into effect by 2024. To this date, all the EU members are regulating crypto companies under existing traditional financial laws. 

On 17 March 2023, Johan Van Overtveldt, a former finance minister of Belgium and current member of the European Parliament, took to Twitter to share his personal opinion on the current turmoil in the banking sector. 

He said that the EU should impose a strict ban on cryptocurrencies and also said that if drugs can be banned then surely cryptocurrencies should be banned, as they are a risk to the economy of the countries.

Earlier this in mid of Feb 2023,  a special Basel Committee on banking was held to discuss the development of a framework to ensure the banks holding cryptocurrencies & stablecoins under a better regulatory system. 

In the present time, some EU members are eagerly waiting for the MiCA regulation framework to ensure the safety of the crypto Investors, while some EU members are working on their native regulation system before the MiCA regulation framework, to remain away from any big risk. Many EU officials noted that crypto sector adoption surging rapidly & here sudden laws & regulations are necessary to ensure regulated Innovations.

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