The Dutch finance minister said the cryptocurrency ban was the wrong decision for the Netherlands after a local official called for a complete ban on digital currencies.

The Dutch Minister of Finance Vopke Hekstra said that the Netherlands should regulate the cryptocurrency market and not prohibit residents from using cryptocurrencies fully, according to a report from the local news agency on Friday.

The official still acknowledges some of the risks associated with the cryptocurrency market and is said to understand the concerns expressed by the director of the Dutch Agency for Economic Analysis Peter Hassekamp. The Minister emphasized that there is a need to ensure proper rules for providers of virtual asset services in order to reduce the risk associated with problems such as money laundering.

“I now see that supervision is more effective than a complete ban in the Netherlands,” said Hekstra, noting that supervision of the European cryptocurrency market is important.

Hookstra also mentioned that he had already issued a warning about cryptocurrency risk in 2017, and stressed that crypto investors should be aware that their cryptocurrency games are made “at their own expense and risk.”

“Things are going well right now, but we have also seen big falls and peaks along the way,” Hekstra said in November 2017, a few weeks before bitcoin (BTC) reached the $ 20,000 mark for the first time in history in December.

About the topic: Bitstamp requires KYC for Dutch traders who withdraw money for offshore wallets

As previously reported, Hasekamp argued in an article from June 11 that the Dutch government should immediately introduce a general ban on mining, trading and storage of bitcoins. He made popular arguments against cryptocurrencies and argued that cryptocurrencies such as Bitcoin could not fulfill any of the three functions of money as a unit of account, a means of payment or a store of value.

Some of the world’s biggest critics of bitcoin, such as award-winning economist Nouriel Roubini, have already recognized that bitcoin can serve as a store of value, a key function of money, and a unit of account and a means of exchange.

Source: CoinTelegraph