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A Dutch economist has called for a blanket ban on bitcoin.

A major economic counselor to the Dutch Ministry of Economic Affairs, Pieter Hasekamp, has urged for a complete ban on Bitcoin mining, trading, and holding.

Bitcoin Shutdown is being pushed by an economic advisor.

One important figure in the Netherlands has urged an outright ban on Bitcoin, just days after El Salvador passed a bill making it legal tender. Mining, selling, and even owning Bitcoin, according to Pieter Hasekamp, director of the Dutch Bureau for Economic Analysis, should all be prohibited immediately.

Hasekamp believes that Bitcoin fails to fulfil the three basic characteristics of money in an article on the Central Planning Bureau website titled “The Netherlands must outlaw Bitcoin.” In comparison to traditional currencies, the asset is an unstable unit of account, cumbersome for payments, and easy to falsify or steal, according to Hasekamp. He went on to say that criminals prefer Bitcoin because of its “anonymity.”

The reasons stated by Hasekamp have been regularly cited by Bitcoin’s harshest critics over the years, however crypto supporters say that they are erroneous. While Bitcoin is volatile, supporters claim that cryptocurrencies represent a new asset class that hasn’t yet discovered its full value. Furthermore, Bitcoin’s overall trend has been upward.

The reasons stated by Hasekamp have been regularly cited by Bitcoin’s harshest critics over the years, however crypto supporters say that they are erroneous. While Bitcoin is volatile, supporters claim that cryptocurrencies represent a new asset class that hasn’t yet discovered its full value. Furthermore, Bitcoin’s overall trend has been upward.

Furthermore, because to the Lightning Network’s development in recent years, Bitcoin payments have gotten easier. The Lightning Network, a Layer 2 on top of Bitcoin, processes transactions at a faster rate and at a cheaper cost than the main chain. El Salvador’s citizens will use Strike, which operates on the Lightning Network, when the asset is fully implemented.

Hasekamp’s claim that Bitcoin is simple to counterfeit and steal is likewise debatable. Because Bitcoin is decentralized, it is incredibly safe, and transactions are very straightforward to follow. The FBI was able to collect part of the ransom paid in BTC in the recent Colonial Pipeline ransomware case by simply tracking the transactions on the distributed ledger.

While Hasekamp’s harsh remarks show a lack of knowledge of blockchain technology’s modern value proposition, his opinions do not reflect the Dutch government’s official viewpoint. To put it another way, bitcoin owners are free to keep and exchange their digital assets.

What do you think?

Written by Winston

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