The Netherlands is ready to lead the development of CBDC

The Dutch central bank believes that a national digital currency can protect publicinterests, and is ready to lead the development of CBDC.

Specialists of the Central Bank of the Netherlands issued a newsletter in which they outlined their position regarding the prospects for the CBDC:

We believe that it is necessary for governmentmoney remained available to everyone... maintaining citizens' confidence in the monetary system. Maintaining trust is key in extreme situations such as financial crises, wars or disruptions in private payments, when demand for government money tends to increase. We therefore take a positive view of CBDC. Their implementation can contribute to the smooth functioning of the payment system.

According to financiers:

CBDCs have gained public acceptance in recent yearsyears for two reasons. First, the use of cash is declining in most countries. Secondly, in June 2019, Facebook announced its plans to release Libra – a cryptocurrency supported by currencies such as the US dollar and the euro. Facebook's initiative entailed serious risks, but it also exposed flaws in modern payment systems. For this and other reasons, central banks are now considering issuing digital currencies.

If a decision is made in the Eurosystemexperiment with a more specific type of CBDC, the Netherlands is ready to play a leading role and provide a suitable test site for such an experiment.

The Central Bank of Sweden came up with a similar initiative,inviting BIS to organize a research center to study CBDC in the country. The European Central Bank has focused on the development of stablecoins, creating an alternative to Libra and bitcoin. At the same time, France has already launched CBDC testing, and China is approaching the full launch of the system.