The Dutch Central Bank is Preparing its Boldest Blockchain Experiment Yet
The central bank of the Netherlands is preparing an ambitious experiment aimed at discerning if an entire financial market can be built on a blockchain. While many so-called smart contract applications of blockchains can be replicated using existing technology, the man in charge of a series of experiments conducted by De Nederlandsche Bank says the distributed nature of blockchains could lead to entirely re-imagined financial market infrastructures (FMIs), ones that are much more difficult to hack. Like the bitcoin network itself, the experiment envisions how an FMI's internal operations....
Related News
The Dutch central bank has fined cryptocurrency exchange Binance 3.325 million euros for offering crypto services in the Netherlands without the legally required registration. Binance has appealed against the fine and has now submitted an application to register with the central bank. Binance Fined by Dutch Regulator The Dutch central bank, De Nederlandsche Bank (DNB), revealed Monday that it has fined Binance Holdings Ltd. for offering crypto services without registration as required by law. The administrative fine of 3.325 million euros ($3.4 million) was imposed on the cryptocurrency....
Bitcoin and Blockchain are technologies which have the potential to dramatically change the world. If Blockchain technology is deployed rapidly and effectively, we can bank the unbanked, automate contracts and even get Blockchains to work with the Internet of Things (IOT) to create a Blockchain of Things. Yet the primary use of Blockchains remains as a medium to validate cryptocurrency transactions. If that is the case, one must ask the question, how soon before central banks not only accept Blockchain but also start to have more acceptance of Bitcoin and other cryptocurrencies? After all....
Most of the details regarding this project remain shrouded for the time being, although we do know the Dutch central bank has been exploring blockchain technology for quite some time now. Although distributed ledgers hold a lot of potential to increase the current day-to-day operations, there is something alluring about the aspect of issuing one’s own digital currency. More and more countries around the world are starting the concept of digital currency seriously these days. The Dutch central bank is joining this growing list, as they seem to have concrete plans to issue a new digital....
The Dutch central bank has committed to developing an internal blockchain prototype dubbed "DNBCoin", according to a recent publication. Buried in the latest annual report from the De Nederlandsche Bank, published on 16th March, is a tiny item detailing the experiment. Elsewhere in the report, DNB posits that blockchain tech could improve its business – a possible indication of how it may look to apply lessons learned from the DNB project. Described only as a "prototype coin based on blockchain technology", there are no details on the project's release....
The French central bank, Banque de France (BOF), recently carried out its fifth experiment on the Central Bank of Tunisia (CBT)’s central bank digital currency (CBDC). According to a statement from BOF, the latest experiment is part of the banks’ joint effort to create conditions that are “conducive to a better inclusion of the Tunisian diaspora in Europe.” Platform Targets Tunisian Diaspora In his comments following the experiment, Mohamed Sadraoui, a director-general at CBT, suggested that the CBDC platform’s success will likely “reinforce....