• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Dutch Central Bank Warns Banks & Institutions Virtual Currency Risks

newsbtc by newsbtc
7 years ago
in Cryptocurrency news
Reading Time: 2min read
Advertisement

We’ve seen plenty of times central banks warn consumers of the risks of getting involved with digital currencies, but the Dutch Central Bank is taking a different approach.

In a statement published on the central bank’s website, De Nederlandsche Bank (DNB) is warning banks and payment institutions of the integrity risks that virtual currencies bear.

The central bank points out that there exists a significant level of anonymity when it comes to digital currencies (like bitcoin, for example). The release (which is interestingly dated June 5, 2014) says (translated using Google):

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In transactions and similar bitcoin virtual currency or altcoins, there is a high degree of anonymity. Banks and payment institutions should therefore be aware of the derived integrity risks they face because they are the identities of the parties involved in virtual currency sales or purchases not know or insufficient. DNB qualifies the current virtual currencies (bitcoin and other altcoins) as products with a very high risk profile.

DNB makes the point that while the idea of digital currency promotes transparency (see the block chain), transactions can not easily be traced to a physical person. As such, the central bank suggests this can serve as an attractive tool for money launderers.

The Central Bank isn’t taking measures to prevent the country’s banks for dabbling in digital currency, but reiterates of their “high risk profile”, adding that banks/financial outfits that do decide to get involved pass “rigorous tests” to ensure they are remaining in compliance with existing and applicable regulations.

Of course, applicable regulations may not be sufficient, because digital currency is unlike anything the world has ever seen before.

Digital currency will demand new regulations, and regulations that do not impede or otherwise prevent new players in the industry from flourishing.

For the DNB’s original statement (Dutch language), click here.

Tags: centralbankdnbnetherlandsNews
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

DYP

Leading Yield Farming Ecosystem DYP Now on Binance Smart Chain

1 hour ago
litecoin

Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

5 hours ago
Ex WWE Wrestler Kane, Now Knox County Mayor, Looking Into Bitcoin and Litecoin

Ex WWE Wrestler Kane, Now Knox County Mayor, Looking Into Bitcoin and Litecoin

6 hours ago
Ethereum ETH ETHUSD22

Is This The Perfect Moment To Buy Ethereum? Top Analyst Weighs in

7 hours ago
Cardano ADA ADAUSDT

This Is How Cardano’s First DEX Will Try To Disrupt DeFi

10 hours ago
PancakeSwap CAKE CAKEUSDT

PancakeSwap Approves “Big Burn” For CAKE, Why It Could Be Massively Bullish

11 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

BitMinutes Announces Partnership with GoodDollar, Embracing Opportunity for Social Good

April 22, 2021

Hodlnaut Selects Fireblocks to Secure Assets With Next-Generation MPC Security

April 23, 2021

From Startup to Success Story — Morpheus.Network is Transforming Global Trade With Blockchain

April 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.