Dutch officials call for a total ban on Bitcoin

in spite of El Salvador adopts Bitcoin As legal tender, a Dutch official criticized cryptocurrency and called for an urgent and complete ban.

Pieter Hasekamp, ​​Director of the Economic Analysis Department of the Ministry of Economic Affairs and Climate Policy of the Netherlands, Publish An article entitled “Bitcoin must be banned in the Netherlands”.

According to the title of the article, Hasekamp listed a series of reasons why the Dutch government must immediately ban the mining, trading and holding of Bitcoin.Bitcoin). According to the official, this could cause prices to plummet because Bitcoin “has no intrinsic value, it is only valuable because other people may accept it.”

The executive cited a common anti-cryptocurrency narrative, arguing that no cryptocurrency can satisfy any Three functions of currency As a unit of account, a means of payment and a means of value storage. He also cited other common anti-Bitcoin arguments, such as security issues, fraud and fraud risks, and believed that encryption is a useful tool for criminals.

Hasekamp stated that the Netherlands has been lagging behind countries that have taken actions in recent years to “contain crypto hype.” “The Dutch regulator tried to strengthen the supervision of the trading platform, but with little success. The Central Planning Agency pointed out the risks of cryptocurrency trading in 2018, but concluded that there is no need for stricter supervision,” the official wrote Tao.

related: Dutch regulator uncertain about the number of crypto investors in the Netherlands

In his article, Hasekamp paid special attention to Gresham’s Law, which states that overvalued currency or “bad currency” will often cause legally undervalued currency or “good currency” to withdraw from circulation. Hasekamp calls Bitcoin a “bad currency”, and he believes that Gresham’s law may be the opposite of Bitcoin:

“Cryptocurrency exhibits all the characteristics of’bad money’: unknown sources, uncertain valuations, and improper trading behavior. […] Gresham’s Law is back? No, on the contrary. Cryptocurrency is not used for regular payment transactions. […] Bad money disappeared from circulation because no one wants to accept it anymore. “