Cryptocurrencies are not “real money”

The chief executive of the Dutch central bank said that although cryptocurrencies are not “real money”, but the bank does not plan to ban them.

The general manager of the Dutch central bank, Petra Hielkema, told the Dutch media that due to the variability of cryptocurrencies and the possibility of consumer threats, they can not be considered as money.

“If something wants to be treated as money, you must be able to spend, save and calculate [in them prices] (…) So we do not think that [crypto currency] is money as such.”

Hielkema also noted that the bank has been experimenting with Blockchain for three years and has already developed four prototypes of a system using block network technology. Although Hielkema adds that Blockchain is not yet ready to be implemented in the Dutch payment systems, there are “opportunities for him in the future”.

Earlier this summer, the Dutch Financial Markets Authority (AFM) also highlighted the “risk” associated with digital currencies, noting “serious doubts […] related to cryptocurrency and management”.

In June, the Bank of Finland published a document in which the concept of the digital currency was called a “mistake” which should not be considered as “real money”.

 

 

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