Netherlands: cryptocurrencies are not “real money”, but we do not plan to ban them

Home » REGULATIONS » Netherlands: cryptocurrencies are not “real money”, but we do not plan to ban them
2018-08-03
Netherlands: cryptocurrencies are not “real money”, but we do not plan to ban them

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 president

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.’

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,939.92
  • ethereumEthereum$145.84
  • rippleXRP$0.326504
  • tetherTether$1.00
  • eosEOS$3.78
  • stellarStellar$0.088721
  • litecoinLitecoin$50.60
  • cardanoCardano$0.046441
  • tronTRON$0.024933
  • moneroMonero$50.03
  • iotaIOTA$0.307053
  • nemNEM$0.043526
  • dashDash$84.66
  • neoNEO$8.94
IBM used blockchain to ship 28 tons of citrus fruits from China to Singapore
On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk. IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative […]
2019-02-19 0 12
What Can I Buy with BTC and What Sites Use It?
In the autumn of 2017 cryptocurrency fever triggered a high interest among trade agents in using BTC as payment method both for online and offline commerce. People were thrilled and excited. Searches on Google like “where to pay with bitcoin”, “where to spend bitcoin”, “bitcoin stores” were most frequent those days.  Unfortunately, raising fees for […]
2019-02-18 0 36
The media confirmed the launch date of the test network Telegram Open Network
The Telegram Open Network (TON) blockchain platform, behind which the popular messenger operator stands, is 90% complete, and the launch of the test network is scheduled for the end of March 2019. It is reported by The Block, with reference to the report received by the investors of the project. As the newspaper notes, Telegram […]
2019-02-11 0 15
Media: the cost of the Telegram internal cryptocurrency could reach $ 30 billion
By the end of 2019, the total cost of the internal token Gram of the blockchain project Telegram Open Network (TON) could reach $ 29.5 billion. The Bell reports with reference to the report HASH Crypto Investment Bank. According to the investment company, the target cost of 1 Gram token by the end of 2019 […]
2019-02-07 0 11
© 2017–2018