Dutch Official Predicts Crypto Market Crash, Says ‘the Kingdom of The Netherlands should Ban Bitcoin Now’

The director of the Netherlands’ Bureau for Policy Analysis, a locality of the country’s Ministry of Economic Affairs and Climate Policy, has expected “The final collapse of the crypto bubble.” He urges the govt. to ban bitcoin and different cryptocurrencies straight off. However, the country’s minister of finance disagrees that forbidding cryptocurrency is correct for the country.

CPB Director needs Cryptocurrencies illegal

Pieter Hasekamp, director of CPB Kingdom of The Netherlands Bureau for Policy Analysis (CPB), printed a commentary on the official CPB website Friday titled “The Kingdom of The Netherlands should ban bitcoin.” The article was originally written for publication within the daily newspaper hot Financieele Dagblad.

The CPB may be a part of the Ministry of Economic Affairs and Climate Policy. Its director is appointed by the minister, in consultation with different members of the government.. However, the CPB is absolutely freelance because the contents of its work are involved, the bureau’s website states. Because of the country’s central coming up with a workplace, the CPB will conduct research geared toward contributing to the economic decision-making method of politicians and policymakers.

Hasekamp has been the director of the CPB since March one, 2020. He was antecedently director-general for tax affairs at the Ministry of Finance and director of insurance at the Ministry of Health, Welfare and Sport.

After examining the employment of cryptocurrencies as cash, he concluded:

“Cryptocurrencies are unsuitable as a unit of account and suggests that of payment outside the criminal circuit; its use as a store useful relies on the hope that cryptocurrencies can sooner or later replace real cash. However, that’s not going to happen.”

The director continued: “Cryptocurrencies are basically neither cash nor a monetary product, however AN example of what laureate Henry M. Robert Shiller calls a contagious narrative: a contagious story during which folks believe as a result of people believing it. Gresham’s law is replaced by Newton’s law: what goes up, should return down.”

Shiller, however, recently mentioned that he was considering getting active within the BTC market. job Bitcoin “an spectacular technology,” the laureate aforementioned he has been tempted to induce into cryptocurrency.

Nonetheless, Director Hasekamp emphasized:

“The ultimate collapse of the crypto bubble is inevitable … The Netherlands should ban bitcoin currently.”

He mentioned that “Several countries are currently taking steps to curb the crypto publicity, thanks to harmful consequences – fraud, criminal use, gambling addiction, monetary instability, to not mention the large energy waste in production.”

The director warned that The Netherlands is insulation behind different countries in its attempts to control cryptocurrency mercantilism platforms.

Hasekamp noted: “cautious regulation also can backfire: it legitimizes crypto as a genuine monetary product. Recent developments show that it’s time to act: the longer we tend to wait, the larger the negative consequences of the ultimate crash.” He terminated, “The final step may be a total ban on production, mercantilism and even possession of cryptocurrencies.”

However, the Dutch minister of finance, Wopke Hoekstra, reportedly said on weekdays that forbiddance isn’t the answer for The Netherlands straight away. While acknowledging the CPB director’s issues, the minister of finance believes that it’s better to watch the crypto trade. He was quoted as saying:

“My observation now could be that that’s more practical than a complete ban in the Netherlands.”