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World Map Netherlands: Support for Blockchain Coexists with Tough Regulations

February 14, 2019

The kingdom of the Netherlands knows well how to use blockchain and what benefits cryptocurrencies can bring. The country is often described as a market leader in financial innovations and new tech adoption. Today, our journey takes us to the place full of tulips and beautiful landscape. We won’t mention other stuff it’s popular for, you know them yourself.

Official Deep Dive Into the Blockchain

Dutch are leading the way when it comes to the blockchain. Dutch even launched government-supported blockchain pilot projects and are pushing for more - project implementation, international partnerships and new prototypes. World Bank, United Nations and the EU are among partners.

The Netherlands is also linking technologies with climate change solving and economic affairs. In May, official Amsterdam announced that the Ministry of Economic Affairs and Climate Policy created a blockchain unit with an agenda of establishing the level of reliability of blockchain. The country will also research if blockchain is sustainable from the perspective of energy consumption.

Regulations are tough but sustainable

The Dutch know that cryptocurrencies have a dark side, there have been cases of drug dealing on the dark web which involved bitcoin. Of course, it was not long after this that Government decided to act.

Firstly, Dutch Central Bank proposed the licensing of cryptocurrency service providers, the reason stated was: “to prevent such cryptocurrencies being used to launder money obtained through crime or to fund terrorism.” To acquire a license, providers will need to know who their customers are (KYC) and report unusual transactions. The data will be monitored by the Dutch central bank.

The second hit came from the Ministry of Finance. The regulations by central bank will get tougher and companies will get tested before they can even operate. Overall, Holland does not recognize cryptocurrencies as real money but they are not planning to ban them completely.

Businesses adopt crypto and blockchain

One of the most significant and well-known case is of biggest supermarket chain of the country - Albert Heijn. They have announced to start using blockchain to make the production chain of its orange juice transparent. Albert Heijn will launch the new blockchain system in partnership with its supplier - Refresco. The main aim is to give customers information about the source of Albert Heijn’s own-brand product. They will be able to scan a QR code on the orange juice carton that will trace the route of its production, from Brazil all the way to the Netherlands.

Summary

While discussion is still ongoing about the benefits of cryptocurrencies, the Netherlands has been one of the most blockchain adoption-oriented countries in the world. People play a major role in this, crypto-events are organized in many cities throughout the country and the turnout is surprisingly high, especially among the young Dutch. Additionally, more and more homegrown projects emerge and they are becoming even more professional as time goes by.

We would love to hear more from our Dutch community in the official Telegram chat.

 

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