Testing has begun of a cryptocurrency vault opened by the Dutch bank ABN AMRO. In this vault, clients will be able to store bitcoins alongside fiat currency. According to information provided by bank representatives, 500 account holders will take part in testing the new service. According to documents published on Twitter, ABN AMRO will offer storage of Bitcoin in the same online-banking environment that clients use for their everyday activities, through a product called Wallie. This step suggests that ABN will be the first among major Dutch banks to provide tools for carrying out Bitcoin cryptocurrency operations directly.
The fact that the project is at the testing stage is indicated by the fact that ABN's official web page on cryptocurrencies still states that the bank does not support them. "… Cryptocurrencies are not controlled, issued, or backed by a central bank," the warning states. "De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) have regularly published press releases warning investors and consumers about the risks associated with cryptocurrency. Therefore, you cannot invest in bitcoin or other cryptocurrencies through ABN AMRO."
The reasons for the change in the bank's position remain unknown. In its current form, the Bitcoin wallet represents something of a compromise - users will not have access to their private keys. At the same time, the bank states that it will provide insurance guarantees of up to €6000.
For many cryptocurrency advocates, such custodial storage solutions are a disappointment. Some argue that consumers' lack of control over their private keys and, consequently, of actual control over their bitcoins means that they do not own the cryptocurrency at all. Investor and entrepreneur Trace Mayer, late last year, called on cryptocurrency holders to take back control of their private keys on the tenth anniversary of Bitcoin.
Despite the dissatisfaction of skeptics, banks continue to discover cryptocurrency tools. This week, Switzerland's Falcon Private Bank launched a cryptocurrency wallet with withdrawals to fiat currencies. Another Swiss bank, Vontobel, also recently launched a custodial cryptocurrency service.
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