{"id":8214,"date":"2021-06-14T02:54:58","date_gmt":"2021-06-14T02:54:58","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/dutch-official-predicts-crypto-market-crash-says-the-netherlands-must-ban-bitcoin-now\/"},"modified":"2021-06-14T02:54:58","modified_gmt":"2021-06-14T02:54:58","slug":"dutch-official-predicts-crypto-market-crash-says-the-netherlands-must-ban-bitcoin-now","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/dutch-official-predicts-crypto-market-crash-says-the-netherlands-must-ban-bitcoin-now\/","title":{"rendered":"Dutch Official Predicts Crypto Market Crash, Says \u2018the Netherlands Must Ban Bitcoin Now\u2019"},"content":{"rendered":"

The director of the Netherlands\u2019 Bureau for Economic Policy Analysis, a part of the country\u2019s Ministry of Economic Affairs and Climate Policy, has predicted \u201cThe ultimate collapse of the crypto bubble.\u201d He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country\u2019s finance minister disagrees that banning cryptocurrency is right for the country.<\/strong><\/p>\n

CPB Director Wants Cryptocurrencies Banned<\/h2>\n

Pieter Hasekamp, director of CPB Netherlands Bureau for Economic Policy Analysis (CPB), published an article on the official CPB website Friday titled \u201cThe Netherlands must ban bitcoin.\u201d The article was originally written for publication in the daily newspaper Het Financieele Dagblad.<\/p>\n

The CPB is a part of the Ministry of Economic Affairs and Climate Policy. Its director is appointed by the minister, in consultation with other members of the government. However, the CPB is fully independent as far as the contents of its work are concerned, the bureau\u2019s website states. As the country\u2019s central planning office, the CPB does scientific research aimed at contributing to the economic decision-making process of politicians and policymakers.<\/p>\n

Hasekamp has been the director of the CPB since March 1, 2020. He was previously director-general for tax affairs at the Ministry of Finance and director of health insurance at the Ministry of Health, Welfare and Sport.<\/p>\n

After examining the use of cryptocurrencies as money, he concluded:<\/p>\n

Cryptocurrencies are unsuitable as a unit of account and means of payment outside the criminal circuit; its use as a store of value is based on the hope that cryptocurrencies will one day replace real money. But that\u2019s not going to happen.<\/p>\n

The director continued: \u201cCryptocurrencies are essentially neither money nor a financial product, but an example of what Nobel laureate Robert Shiller calls a contagious narrative: a contagious story in which people believe because other people believe in it. Gresham\u2019s law is replaced by Newton\u2019s law: what goes up, must come down.\u201d<\/p>\n

Shiller, however, recently said<\/a> that he was considering getting active in the BTC<\/a> market. Calling Bitcoin \u201can impressive technology,\u201d the Nobel laureate said he has been tempted to get into cryptocurrency.<\/p>\n

Nonetheless, Director Hasekamp emphasized:<\/p>\n

The ultimate collapse of the crypto bubble is inevitable \u2026 The Netherlands must ban bitcoin now.<\/p>\n

He further said that \u201cSeveral countries are now taking steps to curb the crypto hype, due to harmful consequences \u2013 fraud, criminal use, gambling addiction, financial instability, not to mention the enormous energy waste in production.\u201d<\/p>\n

The director warned that the Netherlands is lagging behind other countries in its attempts to regulate cryptocurrency trading platforms.<\/p>\n

<\/p>\n

Hasekamp noted: \u201ccautious regulation can also backfire: it legitimizes crypto as a bona fide financial product. Recent developments show that it is time to act: the longer we wait, the greater the negative consequences of the eventual crash.\u201d He concluded, \u201cThe ultimate step is a total ban on production, trading and even possession of cryptocurrencies.\u201d<\/p>\n

However, the Dutch finance minister, Wopke Hoekstra, reportedly said Friday that banning is not the solution for the Netherlands right now. While acknowledging the CPB director\u2019s concerns, the finance minister believes that it is better to monitor the crypto industry. He was quoted as saying:<\/p>\n

My observation now is that that is more effective than a total ban in the Netherlands.<\/p>\n

What do you think about the CPB director\u2019s ban recommendation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, ban bitcoin, ban crypto, Ban Cryptocurrencies, bitcoin crash, bitcoin market crash, crypto crash, crypto market crash, dutch, Finance Minister, Netherlands, netherlands banning crypto<\/p>\n","protected":false},"excerpt":{"rendered":"

The director of the Netherlands\u2019 Bureau for Economic Policy Analysis, a part of the country\u2019s Ministry of Economic Affairs and Climate Policy, has predicted \u201cThe ultimate collapse of the crypto bubble.\u201d He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country\u2019s finance minister disagrees that banning cryptocurrency is right for the…<\/p>\n","protected":false},"author":0,"featured_media":8215,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8214"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8214"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8215"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}