The Belgian newspapers are writing about the pending ban on derivatives received from Crypto as well as on certain speculative life insurance deals. It is the first time such action will take place in Belgium. This said ban will begin the 1st of July and will be focusing on “unethical trading and speculation like on life insurances of the elderly” minister Vande Lanotte told the Belgian press.
Like usual the legislative organ and the FSMA are very vague. They are pulling crypto into the fray but do not explain or stipulate why or how they are including digital currency. The “it’s volatile and highly speculative” are the main arguments but forming a coherent defense on why is conveniently left out.
However they explained it like this: Bitcoin isn’t banned but all the companies that use Bitcoin or are producing items that can be bought with Bitcoin are “illegal”. This is another long line of vague messages the Belgian government is spewing all over the media.
There have been unconfirmed rumors that people who are day trading Bitcoins and other crypto have had their bank accounts permanently blocked. The banks told them that “there was a suspicion of trading with foreknowledge” and thus the Bitcoin traders account was permanently blocked.
This is a very idiotic stance the Belgian government is taking because the FED recently allowed a company on the NASDAQ that is solely based on Bitcoin. The FED and other US government concluded that “Bitcoin and other crypto have a potential for huge growth and stimulation of the economy and families that have it difficult and are using Bitcoin as a means to survive”.
But again the Belgian politicians made rash and adverse decisions without seeing the big picture and following an international trend that could possibly give a much needed economic boost to Belgium.
However some unconfirmed sources close to the minister told Cryptoarticles that “the laws were deliberately vague because it was a rush job and that the minister wanted it “over with” before the upcoming elections of 25th May.”
However there may be another, ulterior motive behind this law. Just because the law isn’t exact in naming what is or isn’t allowed, the some parties, mostly from the bank sector will see this as an excellent opportunity to illegally seize some poor Bitcoin users’ accumulated wealth.
All they have to do is say “we have suspicion that you are trading with foreknowledge” and they can “impound” all of your earnings regardless from where they came or how they were earned.
If that person also receives their paycheck on that bank account it will also be seized (If the banks feel that this is an unjust conclusion we are happy to invite them for a constructive discussion). That is injustice & unethical practices minister Vande Lanotte.
Comme d’habitude Belgian politicians live in their ivory towers and make rash decisions without really thinking about what they are doing or writing ( otherwise this law would be much clearer).