De Nederlandsche Bank (DNB) has revealed that it has recently completed transporting €15 billion worth of gold bars, coins and banknotes on Dutch roads over the past four weeks.
The operation involved moving the Dutch stock of gold and banknotes from the Haarlem treasury to the new monetary center in Zeist. Bitcoin proponents have pointed out that it would have been much cheaper and easier if DNB had used the digital asset instead.
It is not the first time that gold has moved
Coen Voormeulen, Divisional Director at DNB, explained that while the transfer of valuable assets was not made public, it was not meant to be kept secret. “We were deliberately a little understated,” Formolen stated.
The security of the operation was ensured by the Royal Netherlands Marechaussee, who transported nearly 200,000 kilograms of gold bars and coins, along with banknotes worth about €4.5 billion.
This isn’t the first time the precious stock has been moved; In November 2020, gold bars and banknotes were moved from Amsterdam to Haarlem due to an office renovation in the capital.
The recent transfer of DNB assets has seen a change in strategy compared to previous moves. Instead of carrying out the conversion in one night, as was done before, this time, it was spread out over four weeks.
DNB had previously announced its plan to store its stock in Harlem vaults temporarily, with the goal of moving them once the construction of the new center at Zeist is finished, which according to Twitter personality, @VandelayBTC, was a brand new, highly secure facility built by DNB for the purpose of storing this gold.
Offer alternative methods of money transfer
Recent revelations about DNB’s vast operation to transfer its assets have sparked discussions about the efficiency and potential of cryptocurrencies such as bitcoin for money transfer.
Social media users, including @VandelayBTC, have highlighted the potential of bitcoin as opposed to traditional approaches.
According to estimates, if DNB used bitcoin for the transfer, the four-week process could be completed in just 10 minutes, with a minimum cost of around $3.02 USD. This stark contrast underscores the efficiency and cost-effectiveness of digital transactions.
This release coincides with two other major announcements, the approval of Market Regulation in Crypto Assets (MiCA) by EU Finance Ministers and Amsterdam’s participation in Dutch Blockchain Day, highlighting local awareness of the potential of digital assets.