Dutch landscape

Bitcoin Denied by Dutch Banks

Dutch landscape

Dutch Central Bank doesn’t deem Bitcoin safe

Bitcoin has had a rough time on the world stage from financial regulators, and now it seems that The Netherlands isn’t too fond of dabbling with the most popular digital currency around.

The Dutch Central Bank warned other Dutch banks that there is just too great a risk around making use of digital currencies like Bitcoin, issuing a statement claiming that the anonymity it affords easily associates these payment options as an attractive target for criminals.

“The Forum notes that such currencies and the entities trading in such currencies are not subject to any form  of supervision,” read the statement. “There is no central issuing party that can be held liable where necessary, and the exchange rate of virtual currencies tends to be volatile.”

While that certainly doesn’t sound promising for Dutch involvement in digital currencies and the benefits that the Blockchain could have on improving the payments ecosystem, the DCB hasn’t completely ruled out digital currencies in the future.

“The Forum welcomes the banks’ intention to disclose figures on the availability of online and mobile banking facilities via the Dutch Payments Association (Betaalvereniging Nederland) starting in the third quarter of 2014.”

This isn’t the first time that a nation has turned its back on Bitcoin. However, it probably also isn’t enough to stop the currency from being traded and used for purchases in the nation. This is, after all, a world dominated by the Internet and online culture. It’s more than likely that the decision will be reversed as Bitcoin and attitudes around it relax.

For now though, it’s another nation to cross off your list of places to set up a Bitcoin business.

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