Dutch Central Bank Does Not Consider Cryptocurrencies As ‘Real Money’

Dutch Central Bank Does Not Consider Cryptocurrencies As ‘Real Money’

The Dutch Central Bank has revealed a publication on fintech, cryptocurrencies are not considered as ‘real money’, according to bank divisional director Petra Hielkema, August 3.

The divisional director of the Dutch Central Bank, Petra Hielkema has said in an interview included in the bank publication on fintech that cryptocurrencies could be considered as money and the blockchain tech could be implemented into the Dutch payment system. Meanwhile, there are ‘possibilities for in the future, with more innovation,’ she added.

‘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.’

Petra Hielkema has also said that  buying cryptocurrencies consumers poses major risks. Previously this summer, the Netherlands Authority for the Financial Markets (AFM) had also underlined the “risks” associated with cryptocurrencies: “The AFM has serious doubts, partly because of the risks associated with cryptos and their management”.

In June the Bank of Finland had revealed a paper where the concept of a digital currency had been called a “fallacy” and had not been considered as ‘real money’ also, as Cointelegraph wrote.

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