Netherlands should regulate the cryptocurrency instead of banning it, says the finance minister
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Dutch Finance Minister Wopke Hoekstra says the country should not ban cryptocurrencies. Instead, Netherlands should regulate the crypto…
Netherlands does not ban crypto, but regulate it
Wopke Hoekstra said in a report on Friday that the Netherlands should regulate the cryptocurrency market. According to the Minister of Finance, regulatory supervision is a better choice than a direct ban on cryptocurrencies. According to the official, this is not the right solution.
The Minister of Finance then admits certain risks associated with cryptotrhing and allegedly he said he understood the concerns Director of the Dutch Office for Economic Analysis Pieter Hasekamp, who spoke very negatively about cryptocurrencies and wishes to see a ban…
Hoekstra further emphasized that it would be crucial to ensure the right rules for digital asset service providers in order to mitigate risks such as money laundering.
“I now see that supervision is more effective than a total ban in the Netherlands.”
Dread volatility
The high volatility of BTC and other cryptocurrencies is a feature well known to investors and traders in this market. Especially for beginners, it is good to be prepared for this fact and enter only on the basis of your own research and strategy. Despite the fact that most crypto media and influencers draw attention to this fact quite often, in practice there is still a problem with this, which is most acute in leverage trading, where massive liquidations regularly take place.
Hoekstra mentioned that already in 2017 issued warning on cryptocurrency risks and stressed that cryptocurrency investors should be aware that their cryptocurrency bets are:
“Solely at their own expense and risk.”
Shortly before reaching the then ATH (USD 20,000) in November 2017, he stated:
“It’s going very well now, but we’ve also seen big drops and peaks along the way.”
Conclusion
Hasekamp argued on Friday that the Dutch government must enforce an immediate total ban on the mining, trading and possession of bitcoins, citing commonly cited anti-crypto arguments. Even in response to his words, the Minister of Finance says that the Netherlands must regulate cryptocurrencies, but spoke unequivocally against their ban. In his opinion, supervision is more effective.
