Digital Euro: Dutch central bank wants to play “leading role” in CBDC development

Digital Euro Dutch central bank wants to play leading role in CBDC development

The central bank of the Netherlands, De Nederlandsche Bank (DNB), wants to become the proving ground for the digital Euro.

The bank released a 45-page report saying that it was ready to “play a leading role” in the research and the development of its own and a Europe-wide digital currency.

Digital Euro

A digital dollar is expected to make cross border payments faster and cheaper for all European states who participate. The report stated Netherland would become a suitable testing ground for the digital Euro project.

While not being the primary target of the report, Libra was mentioned by the DNB as a potential threat to global monetary stability. The report then said that Libra was the main reason why the DNB and numerous other central banks are looking to issue their own digital currency.

Need for digital money

The report also discussed the need for ‘digital’ currencies. The report noted that the use of physical currency such as paper money and coins, has been declining in the Netherlands. As of now, almost two-thirds of all payments are digital.

The pandemic has presented another case for digital currencies. With COVID-19 causing businesses to shut down worldwide, those businesses that remain open are avoiding physical cash. Many vendors ask clients specifically to not pay in cash.

Although the Netherlands has entered the race for a CBDC, it is not the sole nor the first nation to explore a central bank digital currency. The first nation to announce its CBDC is China and has already conducted several pilots for its project. The central bank of China released a statement on April 4, saying that the nation will continue its CBDC development which remains a top priority of the bank/

Featured image by pixabay.

[wp-faq-schema title="FAQs" accordion=1]
Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Solana price analysis: Bullish momentum helps elevate SOL to $33.65
PancakeSwap Price Prediction 2022-2031: Is CAKE Set to Rally?
Filecoin price analysis: FIL price stumbles at $5.52 due to a bearish takeover
Dogelon Mars Price Prediction 2022-2031: Is ELON a Good Investment?
Swiss data and analytics service Nuant prepares for the Q4 launch of the first unified platform for digital asset data, analytics & portfolio intelligence

Follow Us

Industry News

Hollywood star teams up with a crypto firm to give out free NFTs
BUSD turns 3. Here's a recap on how it all happened
What’s next for LUNC after Binance burns $1.8M in tokens?
Tron's Justin Sun plan for Credit Suisse goes viral
Access point nodes: How can they be of service?