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The Dutch Finance Minister opposes a request to outlaw cryptocurrency

Wopke Hoekstra, the Dutch Finance Minister, has declared unequivocally that he opposes any move to outright prohibit cryptocurrencies in the country.

The minister said this in reaction to Pieter Hasekamp, the country’s economic advisor, who urged a ban on Dutch people trading, creating, and possessing cryptocurrency.

The finance minister said clearly in reaction to an opinion piece published by the adviser. An outright ban on cryptocurrency, according to the minister, would not solve anything.

“Cryptocurrencies demonstrate all the hallmarks of ‘bad money’: unclear origin, uncertain valuation, shady trading practices,”

he argued.

He contended that their anonymity makes them attractive to criminals. They are useless as money, failing to function as units of account, means of payment, and stores of value.

Hasekamp’s viewpoint was taken into consideration by the minister, but he stated that an absolute ban, as advocated, would not provide a solution like regulation. In a television interview, he said this.

“My observation now is that regulation is more effective than a total ban in the Netherlands,”

he said.

Hasekamp is a Dutch bulldog who can only bark and not bite

Although he claimed in his paper that cryptocurrency regulation would backfire, he argues for the legitimacy of a crypto ban. He stated that now is the time to act and that the longer the country waits, the more harm future crypto crashes will do.

In Netherland, however, the adviser has no authority to make any decisions. His agency is part of the Ministry of Economic Affairs and Climate Policy, and the minister selects its director. Still, its research is independent, and its recommendations are not legally binding.

Playing down both regulatory move and an outright ban, Patrick van der Meijde, chairman of the Dutch crypto lobbying firm, Association of Bitcoin Companies, said Bitcoin is open source. It’s software that people can run. It’s not an office you can invade.

Patrick van der Meijde, chairman of the Dutch crypto lobbying firm Association of Bitcoin Companies, dismissed both regulatory action and outright bans, claiming that Bitcoin is open-source software that anybody may use. It’s not a place you can break into.

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