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Home Markets Cryptocurrency Director of the Central Planning Bureau (CPB) of the Netherlands calls for a total Bitcoin ban

Director of the Central Planning Bureau (CPB) of the Netherlands calls for a total Bitcoin ban

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Director of the Central Planning Bureau (CPB) of the Netherlands calls for a total Bitcoin ban

While El Salvador has hoisted Bitcoin on par with the US dollar, the head of the Central Planning Office of the Netherlands would like to crush the entire crypto sector.

Attention nostalgia friends: Pieter Hasekamp, ​​the director of the Central Planning Office (CPB) of the Netherlands, has reached deep into the anti-Bitcoin group’s moth box. In a comment last Friday, Hasenkamp called for an immediate Bitcoin ban in the Netherlands. The arguments that the CPB director uses against Bitcoin and cryptocurrencies in general are older than the Genesis block. Sometimes even centuries older. Because at the beginning of his anti-crypto tirade Hasenkamp cites Gresham’s law, which the English financier Thomas Gresham put forward in the 16th century: “Bad money displaces good money”.

While Gresham criticized the growing spread of impure coins (i.e. not 100 percent made of precious metal) coins, Hasekamp tried to draw a link with Bitcoin. In the first paragraph of his comment, Hasekamp admits that the analogy does not work. Gresham’s law does not apply because cryptocurrencies are not used in “normal payment transactions”. Hasekamp does not mention the fact that Bitcoin recently gained the same status as the US dollar as legal tender in El Salvador .

The old song: euro hui, bitcoin ugh

Nevertheless, it becomes clear from the following lines what the CPB boss thinks of the idea of ​​integrating cryptocurrencies into payment transactions: absolutely nothing. Cryptocurrencies are too volatile to function as a store of value and a unit of account, two fundamental properties that “good money” must meet. Bitcoin and co. Offer advantages in terms of privacy, but primarily criminals benefit from these.

Hasekamp makes no move to differentiate between different crypto currencies. The thousands of projects in the crypto market, which has meanwhile grown to over USD 1.5 trillion, are unrestrained and devoid of any ability to differentiate between Hasekamp. Hasekamp only breaks a lance for digital central bank money (CBDC).

Bitcoin ban instead of regulation

So what to do with the bad crypto money? For Hasekamp, ​​the answer does not lie in regulation based on a sense of proportion, on the contrary. Regulation of Bitcoin would only further legitimize the crypto sector and Hasekamp seems to have a problem with that.

Instead, he advocates a total Bitcoin ban in the Netherlands – and that better yesterday than tomorrow. Hasekamp cites China as a model, even if there is no Bitcoin ban there , as he has in mind. The Netherlands “lagged behind” and the longer they waited before issuing a ban, the “greater the negative consequences will be after the final crash”.

Finally, Hasekamp calls on the government to act immediately. “For investors and governments, the last one to move is lost.” The Netherlands should therefore immediately issue a Bitcoin ban, said Hasekamp. How and whether such a ban can be put into practice is just as unclear as the devil that Hasekamp paints on the wall as the “final crash”.

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