Dutch Central Bank: World Will Need Gold if Entire System Collapses

Gold will rescue the economy from “collapse”

In comments which have caught critics of fiat by surprise, the Dutch Central Bank, known as De Nederlandse Bank (DNB), said gold would be indispensable in the event of a fiat meltdown.

Retweeted on social media on Oct. 13, a statement from the bank’s website describes gold as “the trust anchor for the financial system.”

“If the entire system collapses, the gold stock provides a collateral to start over. Gold gives confidence in the power of the central bank’s balance sheet. That gives a safe feeling,” it continues.

Sound arguments

While it is known that central banks have begun buying up gold since the 2008 financial crisis, it is the DNB’s phrasing that has excited Bitcoin (BTC) proponents in particular.

As a form of sound money with the highest stock-to-flow ratio of any commodity, gold previously ensured the sound functioning of economies before governments uncoupled their national currencies from its backing over the last century.

Since then, as Saifedean Ammous noted in his popular book, “The Bitcoin Standard,” telltale signs of decay have plagued most countries’ economies.

Central banks, notionally in charge of fiat currencies, use interventions to manipulate their supply artificially, something which is all but impossible to do with gold due to its stock-to-flow ratio.

This championing of the precious metal’s qualities over paper money thus did not go unnoticed among Bitcoin figures.

“It’s an established central bank! Speaks to the times we live in,” Gabor Gurbacs, digital asset manager at VanEck, tweeted in response to DNB.

https://cointelegraph.com/news/dutch-central-bank-world-will-need-gold-if-entire-system-collapses

These Debit Cards Will Help You Spend Your BCH Anywhere

US Crypto Cards That Can Be Topped Up With BCH

The Bitpay card is the leading product of its kind in the U.S. and in fact one of the few remaining options for American crypto users after alternatives like Shift became unavailable. The card issued by the well-established crypto payment service provider supports bitcoin cash (BCH) and bitcoin core (BTC). Those who have a Bitpay wallet can convert their coins into U.S. dollars and spend them with any retailer accepting Visa.

U.S. residents can now also use a crypto debit card from Blockcard. Once you sign up, add digital money, and pass KYC, you’ll be able to get a virtual Visa card. You can fund your account with a number of major cryptocurrencies such as BCH, BTC, ETH, and LTC, as well as several stablecoins. Note that the deposited amount is converted to ternio (TERN) which is then sold for fiat at the time the purchase takes place.

These Debit Cards Will Help You Spend Your BCH Anywhere

According to the platform’s website, you can also use your account to make payments via Apple Pay and Google Pay. The Blockcard crypto debit card is currently available in the United States only but the company plans to launch in over 30 European jurisdictions in the future.

Coinbase, America’s leading cryptocurrency exchange, is already offering a debit Visa in 19 countries in Europe. The plastic Coinbase Card is currently available to customers in Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, Spain, and the U.K. The trading platform intends to add other markets.

The card can be employed for online and offline payments, at all retail locations that accept Visa. Holders can also withdraw fiat at ATMs around the world. The daily spending limit is £10,000 or €10,000, while cash withdrawals are limited to £500 or €500 respectively.

More Options Available to Europeans

BCH enthusiasts on the Old Continent definitely have more options at their disposal than Americans. At least two other card providers support bitcoin cash. 2gether is a financial platform providing services in the Eurozone, where it allows users to send and receive euros and cryptos from the same wallet app. It also issues a Visa debit card linked to its wallet. As its website explains, your money is managed by Pecunia Cards, an electronic money institution regulated under EU law and supervised by the Bank of Spain.

Bitnovo, another Spanish platform, buys and sells more than 20 major cryptocurrencies. Besides facilitating trades, it has a mobile application and issues debit cards that don’t require a bank account and can be topped up with BCH and other coins with large market cap. Its Bitcard can be used to pay bills online and purchase items in brick and mortar stores as well as withdraw fiat cash at ATMs. It’s currently available only to EU residents.

These Debit Cards Will Help You Spend Your BCH Anywhere

Europeans can also order a virtual or plastic debit card from Uquid. The cards are powered by bitcoin cash among other cryptocurrencies that can be converted to British pounds, euros and U.S. dollars. The platform promises unlimited online spending, ATM withdrawals and fee-free POS purchases. But to find out if the card is available in your country, you need to create an account first. It’s free of charge but you’ll have to pay for the physical card itself.

Other cards that support bitcoin cash and are available to customers elsewhere include Crypto.com’s MCO Visa. The company started shipping its cards to clients in Singapore last year and added BCH this past May. It plans to introduce the card in the U.S. through a partnership with a local affiliate and the New York-based Metropolitan Commercial Bank.

If you need to acquire bitcoin cash you can safely and securely purchase BCH and other cryptocurrencies at buy.Bitcoin.com. You can also freely trade your crypto assets on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, or register at our recentlylaunched premier trading platform, exchange.Bitcoin.com.

https://news.bitcoin.com/these-debit-cards-will-help-you-spend-your-bch-anywhere/