With the Dutch government taking steps toward regulating cryptocurrencies, a new group of Dutch politicians has called for the country to stop criminalizing all crypto transactions, instead of banning it altogether.
Finance Minister Wopke Hoekstra made headlines last week when he said that the Netherlands should not regulate crypto, because this would impede innovation. Hoekstra’s statement echoed a long-running debate in the Netherlands over the role of government in regulating cryptocurrencies. His remarks reveal a deep divide in the country’s financial community about how to address the highly speculative new financial asset class.
Today, it has been announced that Finance Minister Wopke Hoekstra has told a Dutch parliament committee that the country should not ban cryptocurrency exchanges and other crypto-related businesses — and that instead, it should regulate them. According to the minister, the state should not get in the way of cryptocurrencies, but instead should embrace them.. Read more about is cryptocurrency legal and let us know what you think.Banning cryptocurrencies is not the right solution for the Netherlands, the country’s finance minister said after a local official called for a total ban on cryptocurrencies. The Netherlands should regulate the cryptocurrency market instead of completely banning its citizens from using it, Dutch Finance Minister Wopke Hoekstra said, local news agency NU.nl reported Friday. The official acknowledged that there are some risks associated with the cryptocurrency market and said he understood the concerns of Peter Hasekamp, director of the Central Planning Office. The Minister stressed that it is crucial to ensure proper regulation of virtual asset providers to mitigate the risks associated with issues such as money laundering. My observation is that supervision today is more effective than a total ban in the Netherlands, said Hoekstra, who noted that it is important to supervise the cryptocurrency market at the European level. Hoekstra also mentioned that he issued a warning in 2017 about the risks of cryptocurrencies, stressing that investors in cryptocurrencies should understand that their bets on cryptocurrencies are entirely at their own expense and risk. Things are going great right now, but we’ve had some big dips and spikes along the way, Hoekstra said in November 2017, just weeks before bitcoin (BTC) hit the $20,000 mark for the first time ever in December. Related: Bitstamp introduces KYC for Dutch merchants who withdraw money to external wallets. As previously reported, Hasekamp argued in a June 11 article that the Dutch government should immediately impose a total ban on bitcoin mining, trading and storage. He cited common arguments against cryptocurrencies and argued that cryptocurrencies, like bitcoin, cannot perform any of the three functions of money – being a unit of account, a means of payment or a store of value. Some of bitcoin’s biggest critics, such as award-winning economist Nouriel Roubini, have already admitted that bitcoin can serve as a store of value, which is the primary function of currency, in addition to a unit of account and a medium of exchange.The Dutch have a reputation of being cool and progressive. The country has traditionally been welcoming to all kinds of people and ideas and has been involved in some of the most important political debates around the world. Since the turn of the century the Dutch have been at the forefront of the global debate on the future of digital currency. As the Netherlands is preparing to become a country that will generate millions of pounds in revenue from the Bitcoin economy, the finance minister has said that the current debate surrounding crypto is clouding the government’s decision-making, and that the country should instead carefully regulate the technology.. Read more about best upcoming cryptocurrency and let us know what you think.
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