Dutch Central Bank Refuses Recognizing Cryptocurrencies a Payment Means

August 6, 2018

The Dutch Central Bank has claimed cryptocurrencies not being real money.

The regulator’s spokesman Petra Hielkema told local media, the regulator will not consider digital currencies as a means of payment due to their high volatility and risks at use:

“If something wants to be treated as money, you have to be able to spend, save and calculate with it [...] So we do not consider it [cryptocurrency] to be money as such.”

Hielkema added, the Central Bank had been studying blockchain technologies for three years and by that moment it had finished developing four projects in the field. She said that blockchain is still insufficiently developed too be integrated in the country’s payment systems but it has got immense potential to do so in future.

It is to be added that the Netherlands Authority for the Financial Markets (AFM) warned crypto owners this summer on numerous risks when using digital currencies.

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