Things Are Getting Weirder: A Once-Finance-Minister Proposes Banning Crypto Like Drugs

Former Belgian Finance Minister Johan Van Overtveldt caused shockwaves in financial services circles recently when he suggested that cryptocurrency should be handled in the same manner as illicit drugs.

Crypto for Dummies

In case you have just emerged from a well-sealed bunker, here is a brief introduction to cryptocurrency:

  • Cryptocurrency is a digital currency

  • Cryptocurrencies are decentralized, meaning that no one entity controls them

  • Transactions are secured by complex cryptographic protocols

  • Cryptocurrencies can be exchanged for traditional, fiat currencies

Crypto Like Drugs?

In an interview with a Belgian daily newspaper, Van Overtveldt said that while digital tokens can be used as a form of payment, they should be treated as a controlled substance due to their use by criminals.

“Cryptocurrency is only used to facilitate illegal activities, such as drug trafficking and money laundering,” he said.

He went on to suggest that it would be better to ban the use of crypto, in the same way that drugs are restricted today.

Van Overtveldt conceded that the idea was a bit far-fetched but said that it was necessary to take action to limit the use of crypto for criminal activities.

What Does This Mean for Crypto?

It remains to be seen whether Van Overtveldt’s suggestion will be taken seriously, but he isn’t the first person to suggest that crypto should be treated like drugs.

There is no doubt that the further development of cryptocurrency will be an ongoing hot topic as governments around the world grapple with the implications of this new technology.

Although Van Overtveldt’s suggestion is extreme, it does raise some valid questions about the potential of digital currencies to be used for nefarious purposes and the need for appropriate regulation.

It’s a quirky solution to a complex issue, but it’s one worth considering – if only for a laugh!