Dutch official calls for complete ban on Bitcoin
June 11, 2021. Summarized by summa-bot.
Compression ratio: 48.9%. 1 min read.
Pieter Hasekamp said that the Netherlands has been lagging behind countries that have moved to “curb the crypto hype” in recent years.
As El Salvador adopts Bitcoin (BTC) as legal tender, one Dutch official blasted the cryptocurrency, calling for an urgent blanket ban.
Pieter Hasekamp, director of the Dutch Bureau for Economic Analysis under the Ministry of Economic Affairs and Climate Policy, published an essay entitled “The Netherlands must ban bitcoin. ”
In line with the essay’s title, Hasekamp lists a wide list of reasons why the Dutch government must enforce an immediate total ban on mining, trading and holding Bitcoin.
The exec cited a common anti-crypto narrative, arguing that any cryptocurrency is not able to fulfill any of the three functions of money as a unit of account, means of payment and store of value.
In his essay, Hasekamp paid special attention to Gresham’s law, a monetary principle that states that overvalued currency, or "bad money," tends to drive legally undervalued currency, or "good money," out of circulation.
Calling Bitcoin "bad money," Hasekamp argued that Gresham’s law could work the opposite way with Bitcoin: