Cryptocurrencies not ‘Real Money’ According to Dutch Central Bank Executive

According to a local media outlet, an executive of the Dutch Central Bank has recently affirmed that cryptocurrencies are not “real money” and that the bank does not have any interest or plans for them.

Petra Hielkema, the divisional director of the bank, has affirmed that the volatility of cryptocurrencies poses a high risk and that they cannot be considered money because you basically do not use them to spend like you would do with money, only to speculate.

The executive has also noted that the bank has experimented with the blockchain technology for the past three years, even before Bitcoin was so famous and that the systems are simply not ready to be used yet, as they are complex and four prototypes have been made but no one was as good as the banks intended to.

In related news, the Netherlands Authority for the Financial Markets has recently also talked about the risks of crypto and their management and the Bank of Finland has also stated that the concept of digital money is a fallacy and cannot be considered real money like fiat currency is because of similar reasons.