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Crypto needs to be banned in the identical means that governments ban medication, Johan Van Overtveldt, a member of the European Parliament and the previous Minister of Finance of Belgium, mentioned in a tweet.
His controversial sentiments shortly sparked a heated response on Twitter, together with that from Cardano founder Charles Hoskinson.
Van Overtveldt’s remarks come within the wake of the latest failures of three U.S. banks – Silicon Valley Financial institution, Signature Financial institution, and Silvergate Financial institution – calling digital belongings “speculative poison.”
Crypto Has ‘No Financial, Social Worth?’
Because the European Parliament gears up for an important vote on revolutionary digital asset licensing rules for the European Union, Van Overtveldt, who serves because the financial consultant for a coalition of 64 EU legislators, expressed his views on the matter.
Van Overtveldt tweeted:
“If a authorities bans medication, it also needs to ban crypto.”
He additionally diminished such belongings to having “no financial or social worth.”
Nog een les te trekken uit de huidige bankcommotie. Leg een strikt verbod op cryptocurrencies op. Speculatief gif en geen enkele economische- of sociale toegevoegde waarde. Als een overheid medication verbiedt, moet ze ook crypto’s verbieden.
— Johan Van Overtveldt (@jvanovertveldt) March 17, 2023
The EU remains to be within the means of implementing a complete regulatory framework for its digital foreign money business. This legislative bundle, often called Markets in Crypto Property (MiCA), was authorised by EU establishments and member states in the summertime of final yr.
Its purpose is to ascertain a set of pointers for cryptocurrency service suppliers working inside the 27 member nations of the bloc.
Charles Hoskinson, Cardano Founder. Picture: Cointribune
Charles Hoskinson Reacts
In the meantime, Charles Hoskinson, the creator of the Cardano blockchain, has expressed his perspective on politicians who’re attributing the downfall of main U.S. banks solely to cryptocurrencies.
In response to an article masking Van Overtveldt’s proposal to ban these digital asset sorts, he implored the digital foreign money neighborhood to stay steadfast and compile a report of politicians who oppose it. By doing so, come election time, they are going to have the data needed to pick out solely candidates who help crypto.
The central banks and politicians created this banking disaster and now they’re blaming crypto https://t.co/LjUou7TTgm don’t fall for it and preserve a listing to recollect on the poll field when election time comes. Be a single situation crypto voter
— Charles Hoskinson (@IOHK_Charles) March 17, 2023
Because the repercussions of the banking disaster proceed to unravel, quite a few U.S. legislators have asserted that the interconnections between monetary establishments and bitcoin corporations performed a task of their downfall.
The occasions started with Silvergate’s determination to liquidate voluntarily on March 8, adopted by Silicon Valley Financial institution on March 10, as a financial institution run ensued. New York regulators then took over Signature Financial institution on March 12.
Crypto whole market cap at somewhat over $1 trillion on the weekend chart at TradingView.com
A number of EU politicians have additionally lately taken purpose at cryptocurrency, citing issues about its potential to facilitate illicit actions comparable to cash laundering and terrorism financing. Others have expressed comparable sentiments as Van Overtveldt, arguing that cryptocurrency’s anonymity and lack of regulation make it a first-rate goal for criminals.
These criticisms have sparked a heated debate inside the EU over the position of bitcoin and different digital currencies within the trendy economic system and its potential dangers and advantages.
-Featured picture from Reuters
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