On Crypto & Drugs: Why This Ex-Belgian Finance Minister Wants Crypto Banned Like Drugs

In a controversial statement, the former Belgium Finance Minister, Johan Van Overtveldt has called for a ban on crypto trading, comparing it with the drug trade. He believes that the decentralized and anonymous nature of cryptocurrency transactions make it easy for criminals to use it for illegal activities such as money laundering and drug trafficking. Despite the growing popularity and adoption of cryptocurrencies, Overtveldt argues that the dangers outweigh the benefits and therefore justifies a complete ban on crypto trading. This stance has sparked a debate among experts on the regulation of cryptocurrencies and their potential impact on global finance.

Johan Van Overtveldt, a member of the European Parliament and former Minister of Finance of Belgium, tweeted that crypto should be banned in the same way that governments ban drugs. This statement caused controversy and Cardano founder, Charles Hoskinson, responded on Twitter. Van Overtveldt’s comment came after the recent failure of three U.S. banks, who referred to digital assets as “speculative poison.” The European Parliament is currently implementing a regulatory framework for its digital currency industry, known as Markets in Crypto Assets (MiCA). While several EU politicians have expressed concerns about cryptocurrency and its potential risks, Hoskinson urged the crypto community to compile a record of politicians who oppose it and to become single-issue crypto voters.

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