In response to the turbulence in the banking industry, Johan Van Overtveldt, a member of the European Parliament and a former finance minister of Belgium, called for a ban on cryptocurrencies in a Friday tweet.
Van Overtveldt made the remarks as the European Parliament readies to vote on historic crypto licensing laws for the region.
Van Overtveldt is the economic spokesperson for a group of 64 EU legislators. “Another thing to take away from the present banking uproar.” Van Overtveldt tweeted, “Enforce a severe prohibition on cryptocurrencies.
The assets are nothing more than speculative and have no economic or social value. “If a government outlaws drugs, then it should also outlaw cryptocurrency,” he continued as fallout from the collapse of cryptocurrency-friendly Silvergate and Silicon Valley Bank reached European markets, sending Credit Suisse’s stock to a record low and requiring it to borrow $53 billion from the Swiss National Bank.Read more on ambcrypto.com