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Monitoring crypto is more effective than a ban Dutch finance minister says


Dutch Finance Minister Wopke Hoekstra said monitoring of crypto would be “more effective” than an outright ban. This comment was a response to the head of Bureau for Economic Policy Analysis that called for  a total ban.

It is important that there are rules for cryptocurrency providers

Hoekstra, the finance minister of the Netherlands since 2017 and leader of the party Christian Democratic Appeal, says it is important that there are rules for cryptocurrency providers, for example, because of “the dangers that exist in terms of money laundering.” The minister also stressed that he first warned about the risks of investing in Bitcoin at the beginning of his position as minister, in 2017. Monitoring and supervising cryptocurrency would be preferable: “My observation now is that this is more effective than a total ban in the Netherlands,” Hoekstra said.

The comments on cryptocurrencies were a response to an opinion in the local newspaper

The Minister of Finance made comments on cryptocurrencies because of an opinion written in a local newspaper by the head of the Economic Policy Analysis office, which stated that Bitcoin and other cryptocurrencies should be banned and have no intrinsic value. The opinion in the newspaper led to a lot of criticism from the Dutch crypto community and even a response in the newspaper from Dutch journalist Bert Slagter, who writes about cryptocurrencies. He stated that banning crypto would slow down the development of The Netherlands.

Politicians in several countries have been forced to speak out on cryptocurrencies due to their increasing popularity. Tanzania’s president said today that the country should prepare to adopt cryptocurrencies, and many countries in South and Central America are also working on adopting cryptocurrencies. Many Western countries seem to be less vocal, but cannot ignore the fact that crypto is an important topic that needs to be discussed.

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