Netherlands to promote improved cash cycle
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The Nederlandsche Bank (Dutch National Bank) released its Payments Strategy for 2018-2021 on June 5th. The central bank speaks of fostering innovation and its desire to improve paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More processing. Three major objectives are cited for the coming years:
- Stimulating innovation
- Promoting a solid electronic payment infrastructure
- Working on a well-functioning cashMoney in physical form such as banknotes and coins. More payment chain
The DNB clearly states that it is not pursuing a cashless payments system and that it will continue to support cash as a central tool for Dutch society.
The DNB is pursuing an instant payments solution in collaboration with the country’s financial institutions, which will hopefully be launched in the coming years. This system will most likely include distributed ledger technology – the foundation of bitcoinBitcoin is commonly said to be a cryptocurrency, a digital means of exchange developed by a set of anonymous authors under the pseudonym of Satoshi Nakamoto, which began operating in 2009 as a community project (Wikipedia type), without the relationship or dependency of any government, state, company or body, and whose value (formed by a complicated system of mathematical algorithms and cryptography) is not supported by any central bank or authority. Bitcoins are essentially accounting entries i... More – in order to reduce costs and improve processing speed.
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