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A cryptocurrency ban is not the right solution for the Netherlands, the country’s finance minister reportedly said after a local official called for a total crypto ban.
The Netherlands should regulate the cryptocurrency market instead of banning its citizens from using crypto entirely, Dutch Finance Minister Wopke Hoekstra said, according to a report released by the local news agency on Friday. NU.nl.
The official has always admitted some risks associated with the crypto market, saying he understands the concerns raised by the director of the Netherlands Bureau of Economic Analysis, Pieter Hasekamp. The Minister stressed that it was essential to ensure appropriate rules for providers of virtual asset services in order to mitigate the risks associated with problems such as money laundering.
My observation now is that supervision is more effective than a total ban in the Netherlands, Hoekstra said, apparently noting that it is important to supervise the crypto market at the European level.
Hoekstra also mentioned that he had already issued a cryptocurrency risk warning in 2017, stressing that crypto investors should realize that their crypto bets are entirely at their own expense and risk.
It’s been going very well now, but we’ve also seen some big dips and peaks along the way, Hoekstra said in November 2017, just weeks before Bitcoin (BTC) hit $ 20,000 for the first time in the past. story in December.
Related: Bitstamp Imposes KYC On Dutch Traders Withdrawing To External Wallets
As previously reported, Hasekamp argued in a June 11 post that the Dutch government must impose a total and immediate ban on mining, trading and holding Bitcoin. He cited common anti-crypto arguments, claiming that cryptocurrencies like Bitcoin are incapable of performing any of the three functions of money as a unit of account, a means of payment or a store of value.
Some of the world’s biggest Bitcoin critics, like award-winning economist Nouriel Roubini, have already admitted that Bitcoin could serve as a store of value, which is a major function of money alongside a unit of account and a means of exchange.
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