[2018-08-03] Bitcoin & Cryptos Not Real Money - Dutch Central Bank

[Thekool1s]

From the article:

Bitcoin and other cryptocurrencies are not considered money by the Dutch Central Bank, though there are no plans to impose a ban on them while consumer protection remains the main concern of the government.

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[butka]

This is a quote from the linked article, something a Dutch Central Bank official had apparently stated:

“If something wants to be treated as money, you have to be able to spend, save and calculate with it.”

I find this laughable and it shows how little understanding these people have of bitcoin. Because you can clearly spend bitcoin, save bitcoin, and calculate with it!

[dreamhouse]

what about gold, is it money? I am sure Dutch Central Bank doesn't consider it as money either, lol.

[aoluain]

This is a quote from the linked article, something a Dutch Central Bank official had apparently stated:

“If something wants to be treated as money, you have to be able to spend, save and calculate with it.”

I find this laughable and it shows how little understanding these people have of bitcoin. Because you can clearly spend bitcoin, save bitcoin, and calculate with it!

Yes of course bitcoin is not MONEY in that it is not made of metal and paper
but it is proving to be a system of payment, it is spendable, and some are
saving it, and can be calculated.

This statement goes against how other countries are moving with bitcoin.
We all know Japan for example recognises bitcoin as a form of payment.

[buwaytress]

A little surprising as a turn of events, given how progressive the Netherlands has always been with Bitcoin, upholding several court cases and deeming them a legal means of exchange.

Then again, perhaps there's more to the definition of what it means as money and/or currency. If it recognizes that Bitcoin and crypto is already legal to use as exchange of value, and it even recognizes as such that it can be taxed, then perhaps it only recognizes that it cannot, as a bank, monitor how people spend/save/calculate with Bitcoin - and still has to rely on people reporting things to them honestly.

So maybe this isn't the bad news the headline makes it out to be.

[hatshepsut93]

A little surprising as a turn of events, given how progressive the Netherlands has always been with Bitcoin, upholding several court cases and deeming them a legal means of exchange.

I've seen a lot of statements from central banks from all over the world. Their logic can be explained by the fact that they are hardcore mainstream economists who were taught that it's their duty to protect the market from all sorts of risks and disasters with their regulations. They were also taught that fiat money is a superior system to historical systems like gold coins, barter, spontaneous money and banknotes backed by gold. So, in their eyes Bitcoin is a move back to unregulated money, which they believe is dangerous.

[Thekool1s]

A little surprising as a turn of events, given how progressive the Netherlands has always been with Bitcoin, upholding several court cases and deeming them a legal means of exchange.

I've seen a lot of statements from central banks from all over the world. Their logic can be explained by the fact that they are hardcore mainstream economists who were taught that it's their duty to protect the market from all sorts of risks and disasters with their regulations. They were also taught that fiat money is a superior system to historical systems like gold coins, barter, spontaneous money and banknotes backed by gold. So, in their eyes Bitcoin is a move back to unregulated money, which they believe is dangerous.

This just hits the nail on its head.