THE HOME OF CENTRAL BANKING EMBRACES BITCOIN – TDV WEEK IN REVIEW: OCTOBER 19, 2014

The Netherlands, and specifically Amsterdam, has, in recent history, been known for its marijuana culture. But now, the birthplace of the world’s first stock exchange and central bank, is becoming home to banks with an open mind about bitcoin.
Big banks in China and the US are avoiding bitcoin ventures, although some of hinted otherwise. Dutch banks, contrarily, are embracing bitcoiners as potential customers. National regulators are not cracking down on bitcoiners like in other nations and bitcoiners are noticing. Major bitcoin startups from around the world are setting up shop in Amsterdam.
For those interested in the history of central banking, the Netherlands’ interest in bitcoin is underscored by that it is home to the world’s first central bank – the Bank of Amsterdam. Found in 1609, the bank was the first public bank to offer accounts not directly convertible to coin as a response to the chaotic economic environment of the time.
According to Mark Buitenhek, ING Groep NV (INGA)’s global head of transaction services, “customers want change, and that change could be bitcoin.”
“We are very expressly looking at what it is, what it can do and, mostly, what the message behind it is,” Buitenhek said at a conference. “And that tells us: Banks, take action.” ING is the Netherland’s largest bank by total assets.
Dutch regulators, like many nation-states, have warned about the risks of using bitcoins. But the authorities in the Netherlands have also looked into the crypto-currencies potential.

This post was published at Dollar Vigilante on Justin O’Connell.