Dutch Official Says Bitcoin is “Bad Money” and Should be Banned, Cardano Launches its First Smart Contract in Testnet
The First Smart Contract Goes Live in Cardano’s Alonzo “Blue” Testnet; Dutch Official Says
Gradually, smart contracts are coming to Cardano following the milestone announcement from IOHK, the development team.
Following the announcement on June 11, Cardano developers said they successfully deployed the first smart contract on the Alonzo Blue test net.
According to their update, the team is currently developing the command-line interface (CLI) for writing simple smart contracts.
However, the good news for users tracking the project is that they have already proven that smart contracts can be submitted, validated, and executed on-chain.
👉🏽 I repeat – functional smart contracts are here. Get used to it.
— Daniel Ribar 🧭 (@danny_cryptofay) June 11, 2021
Cardano is a work in progress. After completing two development phases—Byron and Shelley—the next major milestone is the Goguen stage. Herein, Cardano will have smart contracting capability, competing with Ethereum and the likes.
Still, Cardano would have completed three milestones. For full functionality, further development ending with Voltaire needs to be executed.
Dutch Official Calls for Banning of Bitcoin because it is “Bad” Money
Pieter Hasekamp—the director of the Dutch Bureau for Economic Analysis under the Ministry of Economic Affairs and Climate Policy—is calling for the complete ban of Bitcoin in the Netherlands.
He argues that Bitcoin facilitates criminal activities and isn’t money since it has no intrinsic value and is only valuable because others may accept it.
Pieter even cites Gresham’s law, an economic principle that states that bad money—in his view Bitcoin and cryptocurrencies—tend to drive out sound money—like fiat—out of circulation.
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Therefore, to be prudent and ahead of what it says will be a price crash, the government should ban Bitcoin mining, trading, and holding.
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