Dutch banks call for more research on digital euro; Not yet on board

The Dutch Banking Association (NVB) is calling for more research into a potential digital euro before any decisions are made about what such a currency should look like. The NVB is not yet convinced of the added value of a digital euro, because payments can already be made safely, quickly and efficiently in the Netherlands.

The European Central Bank (ECB) is currently investigating the concept of a digital euro and decisions are already being made about the way in which such a currency can be technically designed. However, the NVB is critical of this, and finds that the ECB is anticipating a decision on the introduction, which the NVB thinks is the wrong order to deal with the situation.

The banking association argues that the digital euro offers little added value for Dutch consumers in its current set-up. However, this may be different in other euro countries where there is far less digital banking. But the NVB is open "to innovation and improvement of the European payment infrastructure," the association said.

The NVB fears that the digital euro could have major consequences for the "quality and stability of the monetary system and the (European) payment system.” Therefore, such a currency should only be used to make payments.

According to the NVB, it does not particularly support using the digital euro for savings or investments.