Finance Minister Thinks Banning Cryptocurrency Won’t Work
Dutch Finance Minister Wopke Hoekstra said he understands the concerns about cryptocurrency but thinks banning will not work. Hasekamp, the director of the analysis bureau that interprets the economic policies of the Netherlands, said in a statement the other day that cryptocurrencies, including Bitcoin, should be banned “before it’s too late”. The country’s Finance Minister, Wopke Hoekstra, stated that he opposed this idea.
According to the Finance minister, it is much more important to regulate cryptocurrency than to ban them:
“My observations so far are that monitoring is more effective than bans. Audits to cryptocurrency owners and providers are more important. For example, since last May, the Dutch Central Bank (DNB) started to monitor companies active in this market.”
Hoekstra stated that cryptocurrencies are very volatile, as many experts are worried, and they can make unpredictable movements, and used the following statements:
“People should think before investing. Cryptocurrency prices can be extremely volatile. They should be careful now at this time.
Hasekamp: Collapse is inevitable
Hasekamp, the CPB director, continues his persistent comments on this issue. In today’s column in the economic newspaper Het Financieele Dagblad, Hasekamp stated that the collapse of digital currencies will definitely happen, because such money has no value and it is people who make them popular.
Finance Minister: If cryptocurrency has no real value, this also applies to the euro
Experts other than Hoekstra are also skeptical of Hasekemp’s harsh comments. In his comment on the subject, Jacob Schoenmaker, a stock markets expert, said that the ‘no value’ comments made for cryptocurrencies also apply to the euro:
“Do cryptocurrencies have no real value? The same can be said for the euro. Money has value because people trust it. The value of a 50 euro note is actually 2 cents. Of course, all this also applies to Bitcoin. ”
Banning would be too much
ING economist Teunis Brosens said, “When you look at the entire cryptocurrency market, you can think negatively. Because there are hundreds or even thousands of useless cryptocurrencies. Scams, pyramid schemes… So I understand the concerns felt when it comes to an overview. But to ban it would be to go too far. Because there are many regulations and penalties for scammers. You don’t need to ban it,” he said.Share this article