Dutch Bank ABN Amro Experimenting With Bitcoin

Dutch Bank ABN Amro Experimenting With Bitcoin
Dutch Bank ABN Amro Experimenting With Bitcoin

Dutch Bank ABN Amro Experimenting With Bitcoin

If the reports published in Automatiseringgids.nl are to be believed, Dutch Bank ABN Amro is mulling a plan to experiment with Bitcoin and several other digital currencies. The news is making rounds; however, if probed deeper, it looks like the first information regarding the news came up from Menno van Leeuwen, the so-called ‘Innovation Manager’ at the state-owned bank.

From the statement from Leeuwen, it looks like he just feels and gave the opinion that it wouldn’t be wise for the bank to ignore technological development like Bitcoin and other digital currencies. He even added that the idea behind experimentation is an effort to be prepared for change, namely in the financial industry.

The article is available in Dutch and various translations are being circulated everywhere. When some user posted the news in /r/Bitcoin, it received a lot of appreciation and many users were pleasantly shocked. Some of these users feel that if ABN Amro is really going to test the digital currency, it would be a huge step towards acceptance of Bitcoin.

Dutch translation of the text says that Leeuwen says that banks are facing challengers from outside, who invent new things and if someone ignores that, he can be in for undesirable surprises. The article says that the trial is an initiative of Menno van Leeuwen, the manager at the Innovation Center of the nationalized bank.


The Experiment May Last for Three or Four Months

Quoting Leeuwen the article says that the Bitcoin is not a regular payment; however, it is a subject that requires a highly secure environment. It says that since the bank has a lot of experience providing safe environment as a bank, the combination with the Bitcoin that it is going to test in over the next couple of month will definitely be positive one.

Menno van Leeuwen, manager at the Innovation Center of ABN Amro which has emerged as a playground for new ideas and technology inside the ABN Bank can play vital role in the overall acceptance of the digital currency. However, for that it is important that during the experiment period, it receives positive outputs.

The experiment will be the part of the center’s policy wherein it hosts short, fast-track projects that serve the purpose of getting quick insight in new technology. Generally, the duration of such projects is 10 to 12 weeks. Thus, it looks like Bitcoin experiment too is not going to last for more than a couple of months.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com