In the Netherlands, they want to ban bitcoin

In the Netherlands, they want to ban bitcoin

A local official listed a number of reasons why the government should recognize the first cryptocurrency as illegal-details

In the Netherlands, the director of the Bureau of Economic Analysis at the Ministry of and Climate Policy, Peter Hasekamp, said that the country should immediately introduce a complete ban on mining and operations with bitcoin.

In his opinion, digital has no intrinsic value, and the coin itself does not perform any of the three functions of money: a unit of account, a means of payment, and a means of accumulation. He wrote about this in an essay titled “The should ban bitcoin”.

Hasekamp mentioned security issues, fraud risks, and added that digital assets are used in criminal activities. The lags behind countries that have taken measures to “curb the hype around cryptocurrencies” in recent years, the article says.

“Dutch regulators have tried to tighten supervision of trading platforms, but without much success. The Central Planning Bureau pointed out the risks of cryptocurrency trading in 2018, but concluded that stricter regulation is not yet necessary, ” Hasekamp said.

He also mentioned Gresham’s law, according to which” bad money “displaces” good money” from circulation. According to the official, in the case of bitcoin, it can work in the opposite way:

“Cryptocurrencies are not used in normal transactions. Bad money goes out of circulation because no one else wants to accept it.”

Hasekamp called the collapse of digital assets inevitable and recommended that the authorities make it difficult for citizens to access the market.

“This is true both for the authorities and for investors. […] The should immediately ban bitcoin, ” he stressed.

Earlier, we reported that the first country in the world legalized bitcoin as a currency.

Also recall that recently, the founder of Tesla, Elon Musk, brought down the bitcoin exchange rate with a joke that his company would “part” with this cryptocurrency. After that, the cost of one token fell by more than 2 thousand dollars.

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