Dutch finance minister calls for digital currency regulation

Dutch finance minister calls for digital currency regulation

His comments come after remarks last week from the director of the Dutch Bureau for Economic Analysis, Pieter Hasekamp, suggesting the government should immediately outlaw all dealings in BTC, including mining, trading and holding BTC tokens. “That’s going very well now, but we’ve also seen big dips and peaks along the way.” In particular, Hasekamp said BTC was not capable of performing the essential functions of money, and could be neither a unit of account, a store of value or a means of payment.

“My observation is now that supervision is more effective than a total ban in the Netherlands.” Responding to the suggestion, Hoekstra said government supervision would provide a more effective solution for addressing the needs of the Dutch digital currency sector.

He also referenced a prior warning issued back in 2017 just a matter of weeks before BTC hit $20,000 for the first time, where he warned of the risks of trading in digital currency, which he said was “entirely at their own expense and risk.” The comments come following remarks from local officials calling for a ban on digital currency usage in the country, citing the volatility and risks inherent in digital currency transactions.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain. See also: CoinGeek Zurich panel on Digital Technology and the Future of Banking & Financial Services

The calls for regulation in the Netherlands would be a more satisfactory solution for the emerging digital currency sector there, which is keen for regulation to establish a legal framework for digital currency and related businesses. The comments reflect similar sentiments from others in the mainstream financial community, particularly towards BTC, which is largely used only by speculators hoping for an increase in price.

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