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Pieter Hasekamp, Director of the Central Planning Bureau (CPB) of the Netherlands believes that the collapse of cryptocurrencies is inevitable in the future.
He called on the Dutch government to impose a ban on Bitcoin and other digital currencies immediately.
“Trading, Mining and Owning Bitcoins Must Be Completely Banned”
The Netherlands must ban Bitcoin immediately
Pieter Hasekamp’s discussion on this topic was posted on Het Financieele Dagblad. He wrote that when it comes to investors and governments, the last person to move is the loser. So, to protect investors, the Dutch government must stop trading, producing and even owning cryptocurrencies, according to him.
Hasekamp suggested that a crypto ban would inevitably lead to a drop in the value of Bitcoin along with other cryptocurrencies and could “herald the end of crypto.”
The main reason for not favoring cryptocurrencies is given by him because they are not authorized by official financial institutions and because governments and financial authorities around the world have little or no control over them. .
Hasekamp added:
“After all, the product itself has no intrinsic value and only creates attractiveness when it is accepted by others”
Legal Status of Cryptocurrencies in the Netherlands
Cryptocurrencies are not yet accepted as digital currency in the Netherlands. Petra Hielkema of the Bank of the Netherlands says, “If something is to be considered money, you have to be able to spend, save and calculate with it. So we don’t consider it [tiền điện tử] is money. This means that virtual currencies in the Netherlands, as we reported in our first Dutch article, are considered transferable and therefore property.
The Dutch government does not want to ban virtual currencies, but they are working to regulate them. Cryptocurrencies must adhere to the following four principles:
✔ The integrity of the financial system must be continuously guaranteed. An example of this is minimizing the risks associated with money laundering.
✔ The technology behind digital currencies must be preserved and further improved. The user does not have to bear any damages due to technical errors.
✔ Regulation must be created on an international level due to the cross-border nature of Bitcoin and Co. The Netherlands prefers a coordinated international approach to regulation and wants to play a leading role in defining international and European strategy.
✔ Gaps in consumer and investor protection need to be closed. These measures must be commensurate with the risks to consumers and investors.
The Dutch government is analyzing legislation passed in other countries such as Japan, Germany and Switzerland to check whether such models work in the Netherlands. On the one hand, the government is anxious to reduce the risks associated with cryptocurrencies for the end users, and on the other hand, the government wants to promote blockchain technologies with all their advantages.
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