Netherlands Central Bank Displeased With Blockchain Solution Testing Results

Netherlands Central Bank Displeased With Blockchain Solution Testing Results

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The Central Bank of the Netherlands was not satisfied with the test results of blockchain solutions. The Netherlands Bank had been working on prototypes of payment solutions on the blockchain for three years, but was generally dissatisfied with the results. Reported The Next Web.

According to representatives of the financial institution, over the past few years, work has been carried out on four different blockchain solutions. At the same time, none of the prototypes currently meets the standards of the bank.

Representatives of the latter are confident that solutions based on distributed registry technology (DLT) are too energy-intensive and are suitable only for cross-border payments. “We started with small steps – with an understanding of the work of Bitcoin, mining, the advantages of decentralized solutions over centralized ones. Then we created prototypes and tested how DLT networks can benefit elements of our market infrastructure, while ensuring the proper functionality for making payments, ”said Petra Hilkema, director for payments and market infrastructure of the Netherlands Bank.

Despite the problems faced by the monetary regulator, she is confident that the blockchain is a promising technology that requires more detailed study and increased investment in solutions based on it. Recall the other day, the Monetary Authority of Singapore and the Bank of Canada successfully tested cross-border payments using the blockchain and digital assets.

Netherlands Central Bank Displeased With Blockchain Solution Testing Results

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