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October 5, 2022
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Dutch central bank open to CBDC – Blocksats

The Dutch Central Bank (DNB) is open to the digital currency of the Central Bank (CBDCA) Of the European Union. Officially, this was granted in a 45-page book report published on April 21.

Dutch Central Bank “Is ready to play a leading role”

The bank acknowledged that “Is ready to play a leading role” in the EU CBDC emission process. The digital euro is expected to make cross-border payments faster and cheaper for all Member States. The Netherlands wants to be a testing ground in this process.

Interestingly, the report identified Facebook Libra as a potential threat to monetary stability and admitted that “This is the reason why DNB and other central banks are currently considering issuing their own digital currency.”

We don’t want cash anymore?

According to the report, this move is also partly a response to the decreasing use of cash in the Netherlands. Almost two-thirds of all payments in the country are already digital today.

Added to this are the effects of a coronavirus pandemic, which we also see in our country. The point is that companies are avoiding cash more and more. According to WHO, it spreads the germs of the Wuhan virus.

“Many stores are now asking customers not to pay in cash”

– DNB experts add.

Digital currencies this year?

It is possible that the People’s Bank of China will emit a digital yuan this year. The institution published a statement on 4 April in which it admitted that “Will undoubtedly continue” CBDC development. The “new” yuan will be one of “Main priorities”. Just a few days ago, screens from the digital yuan test application also appeared on the network.

In addition, both South Korea and Sweden have launched their pilot programs to assess the feasibility of the CBDC release.

In addition, we also know that France has recently begun its experiments with the digital euro. In turn, the president of the European Central Bank supports the bank’s involvement in the development of CBDC. However, as the GNI report notes, any decision on a digital euro would require cooperation between Member States. For now, we do not know how Poland, which is not in the eurozone, will behave under this policy.

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