Trending Topic: Former Belgian Finance Minister Calls For Crypto Ban Amid Banking Turmoil

Crypto should be banned in the same way that governments ban drugs, Johan Van Overtveldt, a member of the European Parliament and the former Minister of Finance of Belgium, said in a tweet. His controversial sentiments quickly sparked a heated response on the social media platform, including that from Cardano founder Charles Hoskinson.

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value.

In the United States, Silicon Valley Bank and Signature Bank both failed. Van Overtveldt is an ex-Belgian finance minister and member of the European Parliament.

Former Belgian Finance Minister and European Parliament member Johan Van Overtveldt has called for a ban on cryptocurrency, stating that the digital asset industry provides “no economic or social value.”

Members of the European Parliament have been discussing the impact of the failure of Silicon Valley Bank, Signature Bank, and Silvergate Bank on markets in its jurisdictions.

An EU member of parliament has recently tweeted that he believes an EU-wide ban should be imposed on crypto.

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.

Johan van Overtveldt, economic spokesperson for the right-wing ECR political party in the European Parliament, compared crypto to drugs.