Unsurprisingly, he receives support from Patrick van der Meijde, chairman of the Association of Bitcoin Companies. He calls a ban a bad idea and totally unfeasible. “Bitcoin is ‘open source’, it’s software that people can run. It’s not an office you can invade.”
Moreover, many tools are already available to tackle problems with cryptocurrencies, emphasizes Brosens. “Scams with crypto coins are not allowed, because scams are not allowed anyway. You don’t need a ban for that.”
The ING economist also emphasizes that there are major differences between all cryptocurrencies. “I understand the concern: of the thousands of crypto coins out there, the majority is nonsense, pyramid schemes, you just don’t want to be in them. But there are also beautiful things such as bitcoin and ethereum.”
That’s where Bart Mols, from the podcast closes Satoshi Radio, join in. “I also see the pump-and-dumps and all the coins where people enter blindly and lose their money. Only for me that is separate from bitcoin.” Mols also seems a ban not realistic. He calls the proposal “pretty short-sighted”.
New law in the making
What has not yet been settled is the supervision of cryptocurrency trading. For example, while the stock exchange can be monitored by the AFM, it is not yet about crypto trading. This makes it easier to cheat and manipulate with impunity, especially with smaller coins.
However, the European Union is already working on this. Due to new legislation, trading in cryptocurrencies should come under the supervision of the regulators in the Member States. Trading platforms themselves have recently been subject to stricter requirements to combat money laundering.
DNB not in favor of ban
Under such conditions, a total ban on bitcoin or other cryptocurrencies is not necessary, according to the Dutch central bank DNB. “The current proposal allows cryptos, but within limits and we can agree with that.”
The AFM itself also points out that they may soon be able to start monitoring. Whether it considers a ban unnecessary, a spokesperson said.
“Like the CPB, the AFM continues to warn investors about the risks of cryptocurrencies. At the same time, the AFM points out investors’ own responsibility,” said the spokesperson.
Little enthusiasm for a ban on bitcoin
Source link Little enthusiasm for a ban on bitcoin