Regulation News

A Dutch official has called out on the Netherlands to ban Bitcoin

TL;DR Breakdown

  • Pieter Hasekamp called out on the Netherlands to ban Bitcoin holding
  • Hasekamp cited security concerns, scams, and fraud-related issues.
  • Netherlands for lagging behind in implementing a ban against cryptocurrencies

After an exec at the Bank of England bashed stablecoins as being ir-radical, another Dutch official has come out bashing Bitcoin as lacking the main functions of money. Pieter Hasekamp called out on the Netherlands to ban Bitcoin holding, mining, and trading activities.  In his argument, Hasekamp cited security concerns, scams, and fraud-related issues.  All of these concerns are common among anti-crypto campaigns and go on to explain how useful Bitcoin has become for criminals.  

Hasekamp serves as the director of the Dutch Bureau for Economic Analysis. In a paper entitled “Netherlands must ban Bitcoin,” the official noted that banning the digital currency would cause it to plummet mainly because BTC lacks any intrinsic value and has only grown in value because more governments are approving its use. More people are accepting it as an exchange for value. 

Ban Bitcoin because it goes against Gresham’s Law for Money.

The paper pointed out several issues based on Gresham’s Law, which states that it will somewhat create a legally undervalued currency through circulation when a currency is overvalued.  Furthermore, the paper went on to refer to an overvalued currency as bad money and undervalued currency as good money. Thereby pinpointing the effects acceptance and circulation of Bitcoin has had in growing the coin’s monetary value. 

Additionally, the paper went on to call out the Netherlands for lagging behind in implementing a ban against cryptocurrencies. He expressed his frustrations on regulatory frameworks created earlier on by Dutch authorities. The official claimed authorities had attempted to tighten regulations around trading activities, but their efforts bore no fruits. In 2018, the Central Planning Bureau pinpointed cryptocurrency-related risks; however, the Bureau concluded the industry was not yet mature for strict regulations. 


Meanwhile, the criticism comes following the crackdown of cryptocurrency exchanges and mining activities in China. However, there is also some more good regulatory news on the Bitcoin front following approval as to legal tender in El Salvador. Panama and Mexico, on the other hand, are also rolling out regulations for adopting Bitcoin. Other crypto-related news includes efforts by the Central Bank of Nigeria to deploy a central bank digital currency (CBDC). 

This post was last modified on June 11, 2021 8:39 pm

Moses Kimathi

Nothing else motivates Moses than crypto. He loves writing and following closely events on the king of crypto. In five years time, he is looking forward to riding the crest of Cryptopolitan as the go-to site for critical thinkers and influencers.

Recent Posts

Ethereum Price Analysis: ETH swiftly spikes above $2,750 overnight, prepares to set another higher low today?

TL;DR Breakdown ETH spiked higher yesterday.Resistance found around the $2,750 mark.Ethereum currently retraces to set… Read More

August 5, 2021

Blockchain Life 2021

On October 27-28 in Moscow, Russia at one of the most innovative platforms in the… Read More

August 5, 2021

Ripple Price Analysis: XRP finds resistance at $0.74, prepares for further downside?

TL;DR Breakdown XRP tested previous lows around $0.70 yesterday.Resistance was found at around $0.74 overnight.XRP/USD… Read More

August 5, 2021

Follow These Tips For Becoming A Proficient Trader Of Bitcoins!

If you have just stepped into the bitcoin trading world or desire to enter into… Read More

August 5, 2021

Why Your Business Should Make The Change And Start Accepting Bitcoins?

From the skyrocketing value, bitcoin is now entering into the mainstream and the most important… Read More

August 5, 2021

What Is Bitcoin, And How Paying with Bitcoin Is So Valuable for People?

Bitcoin is the virtual currency or cryptocurrency which was created by Satoshi Nakamoto in 2009.… Read More

August 5, 2021

This website uses cookies.