Former Belgian Finance Minister Calls for Ban on Cryptocurrencies

Johan van Overtveldt, the former Belgian finance minister and current member of the European Parliament, has called on the authorities to ban cryptocurrencies, citing them as “speculative poison and no economic or social value”.

This statement came in the wake of the economic crisis caused by the collapse of SVB and Signature Bank, which had a major impact on Credit Suisse, one of Europe’s largest investment banks.

The organization’s shares decreased by a staggering 98%, forcing Credit Suisse to consider a $53 billion loan from the Swiss National Bank.

Despite this, Overtveldt had previously noted the “great potential” of the technology that underlies cryptocurrencies, and in March 2023, the European Parliament approved a bill on data protection and a digital identification system which affect smart contracts.