Cryptocurrency News

Finance Minister Says Netherlands Should Regulate Crypto Instead of Banning It



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 complete ban on crypto.

The Netherlands should regulate the cryptocurrency market instead of preventing its citizens from using crypto altogether, Dutch Finance Minister Vopke Hoekstra Having said, according to a Friday report by local news agency NU.nl.

Reportedly, the official still acknowledged some of the risks associated with the crypto market stating that he understands the concerns raised by Peter Hasekamp, ​​director of the Dutch Bureau for Economic Analysis. The minister stressed that it is important to ensure proper regulations for virtual asset service providers to mitigate the risks of issues such as money laundering.

“My observation now is that supervision is more effective in the Netherlands than a total ban,” Hoekstra said, reportedly noteworthy It is important to oversee the crypto market on a European level.

Hoekstra also mentions that he has already released Warning Regarding the risks related to cryptocurrency in 2017, emphasizing that crypto investors should realize that their bets on crypto are “entirely at their own expense and risk.”

“It is going great now, but we have also seen big drops and peaks along the way,” Hoekstra said a few weeks before Bitcoin in November 2017 (B T c) $20,000. hit For the first time in history in December.

related: Bitstamp Implements KYC for Dutch Merchants Withdrawing From External Wallets

As previously reported, Hasekamp argued in a June 11 article that the Dutch government should immediately implement a complete ban on the mining, trading and holding of bitcoin. He cited common anti-crypto arguments to claim that cryptocurrencies such as bitcoin are unable to fulfill 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 acknowledged that bitcoin Can serve as a store of value, which is a unit of account and medium of exchange as well as a major function of money.