Dutch Official Calls for Total Ban on Bitcoin
A Dutch official argued that the country must ban Bitcoin because BTC does not fulfill any of the three functions of money and is a vehicle for crime. While Bit...
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A Dutch official argued that the country must ban Bitcoin because BTC does not fulfill any of the three functions of money and is a vehicle for crime.
While Bitcoin is legal tender in El Salvador, a Dutch official immediately called for an urgent ban on cryptocurrencies. In particular, Pieter Hasekamp, director of the Netherlands Bureau of Economic Analysis, published an essay titled “The Netherlands must ban Bitcoin.”
Hasekamp lists an extensive list of reasons why the Dutch government must implement an immediate outright ban on Bitcoin (BTC) mining, trading and holding. According to the official, this could cause the price to plummet because Bitcoin has no intrinsic value and only has value because the community can accept it.
See more: Former President Trump: Bitcoin is a ‘scam’
The director argued that any cryptocurrency cannot perform any of the three functions of money as a unit of account, a means of payment, and a store of value.
He also cites other popular anti-Bitcoin arguments, such as security concerns, fraud and scam risks, and sees cryptocurrencies as a useful tool for criminals.
Hasekamp asserts that the Netherlands has lagged behind the countries that have controlled the cryptocurrency boom in recent years. Dutch regulators have tried to tighten supervision of trading platforms, but without success. The Central Planning Bureau pointed to the risks of cryptocurrency trading in 2018, but concluded that stricter regulation is not yet necessary.
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