In light of the present banking crisis, former Belgian Finance Minister and current European Parliament member Johan Van Overtveldt have urged a cryptocurrency ban.

The banking industry has experienced a resurgence of fear in the wake of many troubling events, including the failure of Silicon Valley Bank and Signature Bank in the United States, Credit Suisse’s instability in Europe, and a historic rescue effort to save First Republic Bank.

Van Overtveldt’s request for a ban on cryptocurrencies is a response to the current state of the economy. Van Overtveldt views cryptocurrencies, particularly Bitcoin, as a threat to financial stability, despite the fact that some believe that they provide an alternative to traditional banks.

Van Overtveldt argued in an opinion piece for the Belgian newspaper De Tijd that cryptocurrencies are “totally opaque” and “may assist money laundering and other illicit acts.” In addition, he expressed concern regarding their volatility, stating that “cryptocurrencies have the capacity to undermine the entire financial system.”

Some in the crypto community have criticized Van Overtveldt’s request to ban cryptocurrencies, arguing that cryptocurrencies offer a decentralized alternative to traditional banking and can help mitigate financial catastrophes.

Yet, the banking crisis has prompted some to mistrust conventional financial institutions’ safety and seek alternative investments such as cryptocurrencies. As the debate continues about the role of cryptocurrencies in the financial system, it remains to be seen whether Van Overtveldt’s request for a ban will gain support or be disregarded as a knee-jerk reaction to a turbulent market.