Deutsche Bundesbank doesn't plan to issue state-backed cryptocurrency

Bundesbank representative declined in the interview the possibility of EU-backed cryptocurrency
25 December 2017   590

Recently Mr. Thiele, representative of Deutsche Bundesbank (Buba), said during the interview, that the cryptocurrency analogous to EU cash is currently not in sight.

Bundesbank is the Germany's central bank. It's one of the main banking institutions of the European Union and even European Central Bank is patterned after Buba in its internal structure. So, their pull in EU banking system is significant, to say the least. And now, this interview puts on hold any rumors about any EU-backed cryptocurrency available to general public.

Mr. Thiele has been Buba board member for seven years and specializes in payment systems and currency. Also he was a Bundestag representative for two years. And now he acts as a spokesperson for the German central bank.

Previously he stated that while he doesn't directly discourage public from investing into cryptocurrencies, but he has to show people the risks involved. In his opinion, the inefficiency, the price and the power requirements of transactions in the Bitcoin blockchain make it unsuitable as a payment mechanism. Besides, in the same interview, he said that Bitcoin can't be used for value storage because of its value fluctuations.

Still, while the general public wouldn't be able to boast having official EU crypto, Mr. Thiele mentioned, that inter-bank payment settlement will be possible in the future through government-sanctioned blockchain.

Bitcoin Questions included into Dutch High School Exam

Bitcoin-themed mathematics questions have been cut-in in recent high school matriculation exams in the Netherlands
18 May 2018   97

About 200,000 Dutch students are to have taken the OVW exam, a obligatory test for students who wish to get tertiary education in the Netherlands. The testing list  included five bitcoin-themed questions.

Students were offered to solve five different mathematical problems. The questions asked that students “calculate in what year the amount of bitcoin exceeded 18 million,” “calculate from which year on the reward will be less than one bitcoin,” “determine the maximal amount of bitcoin that can be in circulation.” The resolution  of the issues was supposed to base on the formula used to employed to solve the questions.

Such kind of changes in testing for students is connected with the growing  recognition of cryptocurrency by the Holland’s institutions. In March, the Court of Amsterdam defined that bitcoin owns “properties of wealth” at the same time  adjudicating a civil rights occasion between an individual seeking repayment from an unfulfilled contract pertaining to bitcoin mining. The court ordered that “bitcoin represents a value and is transferable” and “thus shows characteristics of a property right. A claim for payment in Bitcoin is, therefore, to be regarded as a claim that qualifies for verification.”

Recently, Rob van Gijzel, the ambassador of the Dutch Blockchain Coalition, revealed a national blockchain research agenda, which had been accredited by the Dutch Ministry of Economic Affairs and Climate Policy. The ministry had established a designated committee, TopTeam ICT, appointed to analyze the potential legal, economic, and ethical implications of distributed ledger technology in the country.