CPB director calls for a ban on trading and possession of cryptocurrencies - Netherland

Director of the Central Planning Bureau Pieter Hasekamp argues for a total ban on the production, trade and possession of cryptocurrencies. According to Hasekamp, ​​the cabinet must now take action and ban bitcoin. "The longer we wait, the greater the negative consequences of the eventual crash," he says in an essay in the Financieele Dagblad .

Hasekamp argues that cryptocurrencies have all the hallmarks of 'bad money'. The origin is unclear, the valuation uncertain and shady business practices. "Cyber ​​transactions score well only on the aspect of privacy – and that anonymity is exactly what makes them attractive to criminals," said the CPB director. "Cryptocurrencies are therefore unsuitable as a unit of account and means of payment outside the criminal circuit."

According to Hasekamp, ​​the ultimate bursting of the "crypto bubble" is inevitable. Cautious regulation by the government is not a solution. That would legitimize crypto as a 'bona fide financial product', the CPB director continues.

The ultimate step for the government to intervene is a total ban on the production, trade and even possession of cryptocurrencies, he notes. In contrast to a ban on drugs, a ban on cryptocurrencies would be effective, as it actually causes a drop in prices, Hasekamp notes. "For investors and governments, the last person to move is the loser. The Netherlands must now ban bitcoin," he concludes his essay.

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