The Dutch Finance Minister rejects a government advisor’s recommendation to ban cryptocurrency.

June 14, 2021

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After a top Dutch economic advisor urged for outright prohibition, the Dutch finance minister, Wopke Hoekstra, warned on Friday that banning cryptocurrencies would solve nothing. 


Pieter Hasekamp, director of the government-affiliated Bureau for Economic Policy Analysis, advocated for a “total prohibition on production, trade, and even possession of cryptocurrencies” in the Netherlands in an op-ed published in Het Financieele Dagblad on Friday.


“Cryptocurrencies exhibit all of the characteristics of ‘bad money,’” he asserted, including an ambiguous origin, an uncertain price, and unscrupulous trading activities. He stated that their anonymity makes them attractive to criminals and that they are ineffective as units of account, means of payment, and repositories of value.


Minister Hoekstra was aware of Hasekamp’s concerns concerning cryptocurrency. However, a total prohibition, such as the one advocated by Hasekamp, would be less preferred than regulatory oversight, he told RTL in the Netherlands.


In Dutch politics, Hasekamp has no influence. His agency is part of the Ministry of Economic Affairs and Climate Policy, and its director is selected by the minister, but its research is independent, and its recommendations aren’t legally enforceable.


“Bitcoin is open-source, it’s software that everyone can run,” Patrick van der Meijde, chairman of the Dutch crypto lobbying company Association of Bitcoin Companies, told Dutch media NOS on Friday. You are not permitted to enter this office.”


However, the government has the legal authority to shut down offices that house cryptocurrency exchanges.



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