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Dutch Central Bank Says Crypto Isn’t True Currency

In a new report on financial technology by the Dutch Central Bank, the financial institute reports that it does not recognize cryptocurrencies as actual or “real” money. Petra Hielkema, divisional director of the bank said during an interview on the bank’s fintech report that digital currencies could possibly be recognized as true currencies one day and blockchain-tech may integrate itself into Dutch payment systems all over.


 

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Alongside the publications proposed potential of block and crypto-tech, even greater innovation is possible for the future of crypto and blockchain technology within Dutch banking systems. According to her statement, the director explains that for anything to be classified as money, an individual should be able to spend, save and more just like any other traditional currency of today and this is why the Dutch Central Bank has yet to recognize crypto as a real currency.

Hielkema then added that the act itself of buying cryptocurrencies was incredibly risky. The AFM highlighted all the known possible threats tied to cryptocurrencies and that the AFM is considerably skeptical and hesitant due to the risky nature of cryptocurrencies and their monitoring.

Earlier this year in June, the Bank of Finland also published a report explaining how the very notion of a cryptocurrency has been referred to as a fallacy, or a misrepresentation of its actual concept and remains to be considered true money.

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