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The government of the Netherlands recently approved the creation of a new, government-run cryptocurrency, the Dutch ZKCoins, which is pegged to the national currency of the Netherlands.
To recap: The Netherlands is known for its “green” and green-friendly economic policies. To get a sense of the Dutch system in practice, I wrote about Bitcoin in July of 2014.
In the Netherlands, all citizens use the national currency, the kroner, in their daily routines. Therefore, when it comes to digital currency, digital currencies are actually an industry here. I’ll have more to say about this tomorrow on this morning’s episode of The Best Free Audio.
But, for now, let’s just talk about how much the Dutch economy is dependent on its cryptocurrency.
The first Dutch cryptocurrency will be launched on May 1. If you thought that such a small country could manage to get into it, think again. With a population of just 5 million, the Netherlands is one of the world’s smallest nations. As we’ve all been told, it’s really big for its size.
So, why are they all the newfangled fads right now?
Well, here’s a look at the economy for a third country, the United Kingdom of Great Britain and Northern Ireland. They’re similar to the Netherlands in a lot of ways, but with just five million people, they’re bigger — to put that in perspective again. So, what gives?
First, let’s go back to the definition of a currency.
A currency is a medium of exchange that can be used to value goods or services.
That’s it. But what does that mean to one of the biggest nations on Earth?
Just three days ago, the Dutch government passed a law that allows citizens to keep all three major national currencies, as well as the Euro, if they switch to ZKCoins.
That sounds like an odd system of currency control, and they’re taking the unusual step of creating and regulating their own currency.