The representative of the Central Bank of the Netherlands stated that event though cryptocurrencies can not be treated like the real currency, the financial authorities of the country do not plan to ban them. Petra Hielkema explained that cryptocurrencies have a number of important issues to be solved (high volatility, high risks) before they can be officially considered as an alternative to real money.
If something wants to be treated as money, you have to be able to spend, save and calculate with it,’ she said. However, things are not often bought with cryptocurrencies, it is too volatile for savings and its value is expressed in real money, she said. ‘So we do not consider it to be money as such,’
Central Bank of the Netherlands is also aware about blockchain, an innovative technology, which can change the world. The bank representatives spent the last few years researching and testing this technology. Eventually, four experimental prototypes were developed. Unfortunately, the Dutch government does not plan to introduce blockchain in any of its systems yet.
‘Investing in cryptocurrencies is not without risk,’ Hoekstra said. ‘In contrast to savings, money put into cryptocurrencies does not fall under a deposit guarantee system and there is generally no central issuer to claim from in the event of abuse.’