Is The Bank Of Amsterdam Pioneer Of The Fixedcoin Idea? – Somag News

The Bank for International Payments (BIS) suggested in an article published today that the current concept of fixedcoin may have been discovered centuries ago. This article titled “Bank of Amsterdam and money management: A pioneering fixedcoin” examines how the Bank of Amsterdam can be reminiscent of both a modern central bank and a fixedcoin producer. The article was penned by Jon Frost, Hyun Song Shin, and Peter Wierts.

In 1609, an institution, the Bank of Amsterdam, which will gain an important place in the history pages in the field of banking, was established. The Bank of Amsterdam, which pioneered the concepts of fixedcoin and modern central bank, had to stop its operations due to several negative factors in the following years. Still, its story is very interesting in that it is home to firsts.

The Bank of Amsterdam (The Bank of Amsterdam or Amsterdam Wisselbank) was established in 1609 with the approval of the city of Amsterdam. Although this bank was not the first of the central banks, it was seen as the forerunner of modern central banks.

While the concept of fixedcoin was not yet known, the Bank of Amsterdam issued deposits backed by silver and gold coins. The bank continued its activities for a long time without any problems, gradually fulfilling the functions of a modern central
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