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

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

Ah cryptocurrencies– they raise so many debates in our culture and depending on who you’re talking to, you’ll get wildly different perspectives on them.

That includes former finance minister at the helm of the Belgium government from 2011 to 2014, Didier Reynders, who recently made headlines for his views that the digital coins need to be treated the same way as substances such as drugs, which are strictly controlled and regulated.

Sure, that’s a hard stance to take, and it’s one that’s not likely to make lovers of the tech happy, but it is one that should be considered.

Here’s why Reynders thinks that:

1. Unclear International Regulation

Reynders points out that cryptocurrencies lack international legal regulation. They are something, he argues, that needs to be discussed and valued, as well as regulated in order for them to be viable and helpful.

2. Possible Financial Abuse

Cryptocurrencies can be misused for financial abuse, and because of their decentralized, anonymous nature, it makes it much easier for individuals to conceal money or other assets that should be accounted for.

3. Risk of Tax Evasion

The risk of tax evasion is another point Reynders makes, noting that due to the fact that crypto is not recognized as an official currency (i.e. governments don’t accept it as such) it can be used to bypass taxes on income and other financial gains.

4. Dark Activity Encouraged

Let’s face it: Cryptocurrencies have been the currency of choice for dark web activities such as buying and selling drugs and weapons. Reynders wants to put a stop to that, pointing out that it would quickly be possible to track Crypto users if it had the same types of regulations that drugs have.

CONCLUSION:

At the end of the day, it’s hard to disagree with the point Reynders is making—Crypto needs to be regulated and held to the same levels of accountability as any other currency. That’s especially important if the goal is to promote ethical financial practices and prevent illegal activity.

So, while Reynders might be coming off a bit strong with his comparison to drugs, it’s certainly worth considering his point of view. In the end, the safety of all Crypto users and the equity of the markets should be top priority.