Netherland to impose blanket ban on Bitcoin
A Dutch official believes that Bitcoin misses three functions of money which makes it a suitable choice for criminals and that’s why they should place a ban on Bitcoin trading, mining, and holding.
A Dutch official asked for a complete ban on Bitcoin while El Salvador choose Bitcoin as a replacement to USD as its legal tender.
In his article “The Netherlands must ban bitcoin”, Pieter Hasekamp who is the director of the Dutch Bureau for Economic Analysis brings up many reasons that a complete ban must be placed on BTC mining, trading, and holding. Hasekamp believes that since Bitcoin “has no intrinsic value and is only valuable because others may accept it”, its price would drop significantly.
Hasekamp says money has three functions of being a means of payment, a unit of account and a store of value and he is of the idea that no cryptocurrency meets these functions. Besides, he also mentions his security concerns, fraud, and scam risks and believes that these make it a desirable tool for wrongdoers.
The executive feels that his country has not kept up with the ones that have successfully controlled crypto space and supposes that their supervision has not been good enough in this area. He believes the Dutch need stricter regulations.
“Cryptocurrencies demonstrate all the hallmarks of ‘bad money’: unclear origin, uncertain valuation, shady trading practices. [...] Is Gresham’s law back? No, on the contrary. Cryptocurrencies are not used in regular payment transactions. [...] Bad money disappears from circulation because nobody wants to accept it anymore.”
In this remark in his essay, Hasekamp referred to Gresham’s law which says that overvalued currency, or “bad money,” can potentially push a legally undervalued currency, or “good money,” out of circulation. By bad money he meant Bitcoin.
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