The Chairman of the European Parliament Committee on Budget, Johan Van Overtveldt has called for a ban on cryptocurrency.
Johan Van Overtveldt, formerly the minister of finance in Belgium in a tweet he posted on Friday likened the need for a ban on cryptocurrency to the government banning drugs.
A rough translation of his tweet reads “Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies,” Van Overtveldt tweeted, saying that the assets were mere speculation with “no economic or social value. If a government bans drugs,” he said in the tweet.
Van Overtveldt’s comment might not be unconnected with the recent collapse of renowned crypto-friendly Silvergate Bank and Silicon Valley Bank.
It was gathered that the rippling effect of the twin collapse has spread to European markets.
As reported by Bitcoin.com, shares of Credit Suisse (CS) reached an all-time low, forcing it to borrow $53 billion from the Swiss National Bank.