Crypto News

A Dutch Official Asks To Full Ban Bitcoin

Recently one of the officials from the Dutch has stated that the Netherlands should ban Bitcoin in all sense. That is, banning bitcoins from mining, trading, and even having bitcoins. He justified his argument that bitcoins do not meet the countries money function and can be helpful for criminals. 

Though lately, El Salvador has adopted bitcoin as the legal tender Dutch officials have no faith in bitcoin. 

Peter Hasekamp’s essay on bitcoin

The official is no other than Pieter Hasekamp who was the director from the Dutch Bureau of Economic Analysis under the ministry of economic and climatic affairs. His opinion was found in the essay named “The Netherlands must ban bitcoin”. He has listed down a wide range of issues to explain the ban of mining, trading, and bitcoin. As per him, Bitcoin has no actual value and becomes only valuable when others approve it. 

With his anti-crypto narrative, he said that no crypto is suitable to fulfill the three functions of money. That is accounts unit, the payment means, and the store value. He has also shown doubt in other anti-bitcoin features like scams, risks, and security issues. 

Netherland and crypto.

For Hasekamp, the Netherlands should immediately take steps on crypto. He said that the Netherlands is going slow in curbing the crypto hype in the land recently. He added that though Dutch officeholders have tried to strictly follow trading laws on different platforms, not much has been enforced. Though earlier, the CPB has raised the risks of crypto trading, and again such suspicion was blown off. 

He clearly stated Gresham’s law, which is an economic principle that drives the good money out of circulation and sets the bad money in. For him, Gresham law will act the opposite with Bitcoin. For him, crypto is not used on a market and transaction basis. That is why bad money never stays for circulation, as no one will accept it. 

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