Nederland to legalize Cryptos!
New law in the making.
Cryptos to be known as virtual valuta from now on.
Business it is!
Nederland, as a small European country, is well known for its trading history (Don't mention the TULIP!). It started off with the trading of stock on an exchange, back in the year 1602. And while other countries try to forbid , obstruct the usage and / or make trading of Cryptos nearly impossible, the Nederish government now came forward with legislation. It is a part of a change to an anti-laundering law, that is true, but also is trading art over 10'000 Euro and renting out estate at over 10'000 Euro. It is allowed, yet it needs to be licensed and companies that deal with Cryptos need to know their customers. And yes, that could be considered a downside. Exchange it for so called 'fiat' money and it will be registered. Therefore it will be known and it shall be taxed likewise. Now, other businesses that deal with things like gold and so on already know that this is just a part of the deal. For the Libertarians and Voluntarists this is probably bad news. More legislation, less personal freedom, that is indeed a part of these measurements.
On the other hand this now is a big step forward. As this law addition might set an example for a lot of other countries in the world. Those who want to trade in secret though, will still do so. But with more stable-coins coming in combined with this legislation things might just turn around for Cryptos. This is not what many hoped Cryptos would manage to do. But after ten years it now really seems to get a legal status. So at the tenth birthday of Bitcoin {BTC} it might be also the breakthrough into mainstream. And of course there has been a lot of FUD {Fear, Uncertainty and Doubt} spread around about this legislation by the Nederish government. Companies that want to trade in Cryptos and offer services to their customers need to get a license. This is quite common in a lot of businesses though, especially where there is money laundering possible. But soon the Crypto critics that claim it is only being used for illegal activities and as a means of finance for rogue entities can be told that they are wrong. And it is no reason to go out into the streets and celebrate, that would be just a bit over the top. Because the banking monetary governance system now also got a bit more in control over Cryptos.
The biggest thing here is that Cryptos will can be considered a legal tender. Even though some big banks and their management will disapprove of this new status for Cryptos as being virtual valuta. While they really should keep their big mouth shut as they are part of the problem, laundering money by the hundreds of billions. It is understandable, to some level, as the banks now really have competition, debt and interest free valuta, which grows in value, instead of devaluating. So even if this does seem to be just a way to control and tax the use of Cryptos, it also is a legalization. And for this a small price has to be paid. With Nederland now making it real, more countries soon might follow. And then it might indeed become a market of trillions...
All in all it is a small victory.
This article is published on the Whaleshares and Steem blockchain.
Kind of mixed "emotions" indeed.
Anyway, at least it gave me the chance to leave this nice one of FNM here.
That's the one! 😉👍
Yes, it is truly mixed. There is a dark side to it. And apparantly 'the market' is still in a bad mood.
Then we better focus on good things in our own personal enviroment.
Absolutely right about that last part. 👍 Latex!
Latex!
It is great that sovereigns are beginning to recognize crypto, which will (as you stated),lead to greater public awareness. I just do not see the point of the governmental attempts to control it... via licensing to use them in your business. (I actually believe all the rules and regulations that government is working to enact are the polar opposite of what we the people should tolerate or adhere to.
The upside to this all is the recognition of Cryptos as a (virtual) valuta. Downside is that is comes with regulations that may try to centrally control them.
This accounts for the part where Cryptos cross borders with (banking monetary governance system) money and vica versa. It will be different for Crypto activity that stays away from that realm.
What I came to understand is that a lot of people seem to want it to be like that. Like those who want to have ETFs and short Cryptos every time the SEC acts against anything Crypto related.
Voluntarism, an anything closely related, is still an Utopian idea to the many, I guess. That does kind of put me back with my both feet on the ground, there is still a long way to go.
The current small victory is that it looks like the monopoly on valuta creation has been broken. Maybe this is another small step to something better.