• Belgian foreign minister Johan Van Overtveldt tweeted for a total ban on cryptocurrencies.
• This comes after the Basel Committee on banking recommended that banks develop protocols for holding stablecoins and crypto.
• The EU Parliament is expected to vote on significant crypto licensing regulations for the bloc next month.
Belgian Foreign Minister Calls For Crypto Ban
The Belgian foreign minister, Johan Van Overtveldt, recently tweeted that he believes an EU-wide ban should be imposed on cryptocurrencies amid recent turmoil in the banking sector. He stated that crypto provides „no economic or social value“ and should be banned if governments are banning drugs.
Basel Committee Recommends Banks Develop Protocols For Stablecoins & Crypto
The comments come after a special Basel Committee on banking has recommended that banks develop protocols for holding and maintaining both Bitcoin and stablecoins by 2025.Van Overtveldt serves as the economic spokesperson for a group of 64 EU lawmakers and is spearheading parliament’s efforts to pass a law allowing for the trading of securities on distributed ledger technology (DLT).
EU Parliament To Vote On Significant Crypto Licensing Regulations
The European Parliament is gearing up to vote on significant crypto licensing regulations for the bloc. The regulation is expected to provide a structure for wallet providers and exchanges that adhere to governance and consumer protection standards.
Van Overtveldt: DLT Has Enormous Potential To Enhance Financial Markets
According to Van Overtveldt, DLT does have „enormous potential“ to enhance financial markets but it must be done responsibly with robust rules in place in order to protect users from fraud, money laundering, market manipulation etc.
Ultimately, while some may view cryptocurrency as providing no economic or social value, others see it as having immense potential when used responsibly with proper rules in place. It remains to be seen how this issue will be resolved when the EU parliament votes on its proposed regulations next month.