The director of the Central Planning Bureau, Pieter Hasekamp, is calling for a quick ban on bitcoins and other cryptocurrencies. Hasekamp thinks a currency crash is inevitable. It is not clear what kind of ban Hasekamp is thinking about.
Hasekamp writes in an opinion piece that ‘whoever moves last’ is the ‘spool’. He refers to the ‘inevitability’ of a crash. That is why the Netherlands should intervene now to ban the currency prior to such a crash. Visit moveco.io has enough information. Such bans from countries would lead to a depreciation of the currency and even cause the crypto currency to come to an end, Hasekamp believes. “After all, the product itself has no intrinsic value and derives its appeal only from acceptance by others,” Hasekamp writes.
Ban
The CPB director specifically refers to a ban and not to regulation. Such regulation could legitimize cryptocurrencies “as a bona fide financial product,” Hasekamp believes. This regulation could actually have the opposite effect. It is not entirely clear what kind of ban Hasekamp is thinking about. For example, Turkey introduced a ban on the use of cryptocurrency in April, but possession is not illegal there.
Hasekamp does call it an ‘ultimate step’ in the form of a total ban. In addition, the production, trade and possession of crypto coins should become illegal. Renovato.io has enough information. Hasekamp goes on to say that cryptocurrencies have become a “contagious story” that people believe in “because other people believe in it”, that security is undermined by “outright scams” and that cryptocurrencies are not suitable as a means of payment outside the criminal circle.
Ban on crypto coins
If the Netherlands did indeed introduce a ban on crypto coins, it would not be unique. In addition to Turkey, China previously banned the trading of cryptocurrencies. India may also want to ban mining and possession of cryptocurrency. There are also countries that are embracing crypto, such as El Salvador, which recently recognized bitcoin as legal tender.
