Dutch Central Bank's $11 Billion Gold Move Slammed by Ripple CEO

Ripple CEO Brad Garlinghouse has spoken out against the Dutch central bank's recent $11 billion gold move, calling it 'old rails' that still carry the world's money. The DNB (De Nederlandsche Bank) relocated around 86 tonnes of gold from New York and Ottawa to London between March and August, with nearly 70% of the transfer being a paper exercise.

Garlinghouse pointed out that only 27 tonnes actually crossed the Atlantic, and highlighted the contrast with cryptocurrencies. He noted that the global financial system still works in a way similar to how it did in the 1940s, where correspondent queues are used to settle value, while stablecoins clear payments instantly.

The Ripple CEO also referenced Germany's 2013 gold repatriation, which took four years to bring home 674 tonnes worth around $36 billion. He argued that this was a more efficient use of resources than the DNB's recent relocation.