Wopke Hoekstra, Netherlands's finance minister, has issued a letter to the Dutch parliament describing the current regulatory framework related to cryptocurrency as "poorly equipped." The minister supports the development of regional and international regulatory efforts in response to the emerging digital currency phenomenon.Dutch Cryptocurrency Investment Soars in 2017
Mr. Hoekstra's letter discusses the current regulatory framework that governs cryptocurrencies, in addition to "the future of bitcoin and other high-risk derivatives such as binary options.The introduction of the letter confirms that "bitcoins and other cryptocurrencies" are experiencing enormous gains by 2017. Mr. Hoekstra states that the number of [Dutch] citizens who invested in cryptocurrency increased sharply in a short time,adding that recent research by Kantar TNS [indicates] that now about half a million Dutch households have a virtual currency.Mr Hoekstra describes cryptocurrencies as inherently cross-border in nature, because of their digital character. The minister emphasized the risks associated with cryptocurrency investments, which point to repeated warnings issued by national and European regulators. Unlike savings, Mr. Hoekstra stated, holding cryptocurrency is not covered under the underwriting scheme and usually there is no major case [arbitrator for] mistakes.The minister also highlighted concerns about the use of cryptocurrency for criminal purposes, such as fraud and money laundering. Nice @kingjan