Dutch official calls for complete ban on Bitcoin

Bitcoin has had a tumultuous year, with many claiming it’s the greatest investment opportunity of all time while others claim it’s a complete scam. And now, the Dutch finance minister wants to make things worse, because he wants to ban Bitcoin.

The central bank of the Netherlands has called on Bitcoin to be banned in the country, and has outlined three methods by which it can be done.

A call for a complete ban on Bitcoin was made by a top official at the country’s central bank, who said Bitcoin posed a threat to financial stability. The official, Frans van Houten, who is responsible for monetary policy at Nederlands Centraal Bank (DNB), made the comments during a conference in Amsterdam. He said that the digital currency posed a threat to financial stability and that discussions about a ban would be held.

While El Salvador accepts bitcoin as legal tender, a Dutch official has condemned the crypto currency and called for a total ban. Peter Hasekamp, director of the Netherlands Bureau for Economic Policy Analysis at the Ministry of Economic Affairs and Climate, has published an essay entitled The Netherlands Must Ban Bitcoin. According to the title of the essay, Hasekamp lists a broad list of reasons why the Dutch government should immediately impose a total ban on Bitcoin (BTC) mining, trading and storage. According to the official, this could lead to a drop in prices, as bitcoin has no intrinsic value and is only valuable because others can accept it. Referring to a widely used anti-crypto narrative, the executive argued that cryptocurrencies are incapable of performing any of the three functions of money – being a unit of account, a means of payment and a store of value. He also cited other common arguments against bitcoin, such as security issues and risks of fraud and scams, and argued that cryptocurrencies are a useful tool for criminal entities. According to Hasekamp, the Netherlands is lagging behind countries that have tried to contain the rush to crypto-currencies in recent years. The Dutch regulators have tried to tighten the supervision of trading platforms, but without much success. The Central Planning Office highlighted the risks of cryptocurrency trading in 2018, but concluded that stricter regulation is not yet necessary, the official wrote. Related: Dutch regulators are uncertain about the number of cryptocurrency investors in the Netherlands. In his essay, Hasekamp focused on Gresham’s Law, the monetary policy principle that states that overvalued, or bad, money tends to legally displace undervalued, or good, money. Hasekamp called bitcoin a bad coin and argued that Gresham’s Law could work in reverse with bitcoin: Cryptocurrencies have all the hallmarks of bad money: unclear origins, uncertain valuations, dubious trading practices. Is Gresham’s Law back? No, it’s the opposite. Crypto-currencies are not used for traditional payments. …] Bad money disappears from circulation because nobody wants to take it anymore.In a new twist in the ongoing Dutch bitcoin tax case that could have a major effect on cryptocurrencies, the Dutch Tax Minister has specifically called for a complete ban on the Bitcoin cryptocurrency. While the call for a complete ban on Bitcoin was made by the Dutch Minister of Finance Wopke Hoekstra, it is a little different than the rest of the Republicans; Hoekstra is calling for a ban rather than a tax. Hoekstra made the call during the Dutch budget debate on February 24th, where he said he would introduce a complete ban on Bitcoin. On top of that, Hoekstra also called for a ban on all other cryptocurrencies.. Read more about what is crypto trading and let us know what you think.

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