Currently, most Dutch banks have done this be warned for the new digital currency. Bitcoin companies were also told ‘no’ by DNB for now. Dutch trading office Bitonic (turnover in 2014: 45 million euros) recently applied for permission from De Nederlandsche Bank, as the company also wants to start a bitcoin exchange. The company was not granted permission. According to Bitonic, because DNB does not want to burn itself to the bitcoin company.

Bitonic exchange, BL3P, is still going live this week, without permission. While bitcoin companies do store money (euro). De Nederlandsche Bank did not want to comment on individual cases, but pointed out that virtual currencies and the companies that trade them are not regulated. “It is possible that related services provided by exchange operators may fall under existing financial regulations, for example ‘payment services’ or ‘electronic money institutions’. A company only receives a permit if it is necessary for its actual activities.”

The Dutch Central Bank denies that there is an anti-bitcoin mentality in the central bank.

Blockchain
Meanwhile, the technology behind digital currencies continues to progress. Big companies such as IBM, Samsung and telecommunications company Orange are focusing on ‘blockchain’: the open, shared ledger behind bitcoin, which is seen as a technological breakthrough. Banks such as ING, ABN Amro and Rabobank are also conducting experiments. Blockchain expert Rutger van Zuidam: “Initially you only found news in newspapers and TV, now news is accessible to everyone on the internet. This will now also happen in the financial sector. Blockchain technology can replace all trusted third parties, such as banks. First of all, this technology allows transactions and registration to occur at lightning speed. Much faster than usual. All accounting of financial companies such as banks or stock exchanges will be accessible like the internet.”

De Nederlandsche Bank doesn’t seem to be having too much trouble with blockchain technology for now. The central bank previously said of the banks’ experiment: “DNB believes it is worthwhile for banks to investigate how they can improve their payment services. DNB wouldn’t mind looking at the technology behind bitcoin.”

And it looks like a split has occurred. Banks (central) still have difficulties with bitcoin currency, but blockchain technology; Companies and regulators may see benefits from this. Kleimann: “Banks always talk about blockchain and no longer want to use the word ‘bitcoin’, even though blockchain cannot exist without bitcoin. It’s a shame.” But he also sees banks slowly recovering in terms of the currency. “Things are going in the right direction at ING, we have very good cooperation with them.”