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Queen Máxima of the Netherlands endorses the digital euro

Queen Máxima was inspired after watching the European Central Bank's achievements in its attempts to establish the digital euro

Shashank Bhardwaj
Published: Nov 8, 2022 07:00:19 PM IST

Queen Máxima of the Netherlands endorses the digital euroQueen Maxima of the Netherlands. Image: Piroschka van de Wouw/ Reuters

Since becoming queen consort of the Netherlands in 2013, Máxima has occasionally used her position to promote financial technology as a tool for inclusion, highlighting CBDCs in particular.

Since 1814, the Netherlands has been governed by a constitutional monarchy, with the monarch, in this case, King Willem-Alexander, serving primarily as a ceremonial head of state. Additionally, Queen Maxima represents inclusive funding for development as a particular champion for the UN secretary-general.

On November 7, the queen gave a virtual speech at a European Commission conference with the theme "Towards a legislative framework enabling a digital euro for citizens and businesses." She claimed that a digital euro could promote financial inclusion among underserved communities by removing barriers like transaction fees and paperwork requirements. A central bank digital currency, or CBDC, in the European Union might lower the cost of transfers. Still, it might need protections and legislative changes "to address difficulties and risks."

"Public sector representatives must ensure that the financial system is open, inclusive, and responsive to the needs of all groups," said the queen. "So let us envision that better future and build a digital euro that works for all Europeans," she added.

One of the duties of the digital euro bank might be to provide market price stability for the issuance of euro banknotes and the secure and efficient operation of payment systems. Both cash-out and digital euro have been used, but netizens must understand the worth or significance of the digital euro.

It is worth noting here that the Bitcoin Amsterdam conference, which took place in the Netherlands in October, attracted other dignitaries, including Prince Philip of Serbia and policymakers like former European Parliament member Nigel Farage. Following regulatory permission from the Netherlands' central bank in September, the US based crypto exchange Coinbase also declared its entry.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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