While we warn against the risks of cryptos, such as bitcoin and ether, we recognise the opportunities of blockchain technology for payments.



We urge businesses and consumers to be aware of the risks associated with investing in cryptos, as these are not backed by central banks or other supervisory authorities. They are not covered by a guarantee system either. It is not our task to impose a ban or lay down regulations. The ECB will not impose any bans either, said its President Mario Draghi during one of the ECB's Youth Dialogues. He did issue a warning, however: "The euro is backed by the ECB and the dollar is backed by the Federal Reserve. Nobody backs the bitcoin".


We recognise the opportunities for blockchain or distributed ledger technology (DLT). Cryptos can facilitate the development of blockchain applications. Also, cryptos can possibly contribute to a cheaper and more efficient cross border payments.


DNB carries out experiments based on blockchain technology to gather knowledge and assess the usefulness of the technology in improving payments. the blockchain solutions we tested so far fail to meet the high demands made of financial market infrastructures (FMIs). However, our research shows that the blockchain technology underlying bitcoin is interesting and promising, and could hold promises for the future.


Cryptos are vulnerable to financial and economic crime. To deal with this risk, the fourth anti money laundering directive was revised and will be implemented in Dutch law. From the 10th of January 2020, The Act implementing the amendments will hold requirements for providers of exchange services between virtual currencies and fiat currencies and custodian wallet providers. Once the Act enters into force, these parties must register with DNB. Also, DNB will become the supervisory authority for these service providers. For more information go to the link in “Want to read more?”

Want to read more?

Read more about our vision on cryptos and blockchain here.