The work the European Central Bank has accomplished in its efforts to introduce a digital euro has been commended by Queen Maxima of the Netherlands.
On 7 November 2022, 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 for businesses.” She claimed that by removing barriers like transaction fees and paperwork requirements, a digital euro could promote financial inclusion among underserved communities. A central bank digital currency, or CBDC, in the European Union might help lower the cost of transfers, but it might need protections and legislative changes “to address difficulties and risks,” the report claims.
The Queen stated,
“Public sector representatives have a duty to ensure that the financial system is open, inclusive, and responsive to the needs of all groups. So let us envision that better future and build a digital euro that works for all Europeans.”
Since becoming queen consort of the Netherlands in 2013, Máxima has occasionally used her platform 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 mostly as a ceremonial head of state. Additionally, Queen Maxima represents inclusive finance for development as a special champion for the UN secretary-general.
The Bitcoin Amsterdam conference, which took place in the Netherlands in October, attracted other dignitaries like Prince Philip of Serbia and policymakers like former European Parliament member Nigel Farage. Following regulatory approval from the Netherlands’ central bank in September, U.S.-based cryptocurrency exchange Coinbase also declared its entry into that country.
Digital Euro Legislation To Soon Be Proposed By EC
According to Christine Lagarde, president of the European Central Bank (ECB), legislation governing the digital Euro will shortly be released by the European Commission (EC). When Lagarde made these comments, she was speaking at a conference titled “Towards a Legislative Framework Enabling a Digital Euro for Citizens and Businesses.” She further stated,
“The timely adoption of a legal framework for the digital euro would give all stakeholders the necessary legal certainty to prepare for its possible introduction and send a strong signal of political support… I’m very much looking forward to the legislative proposal for establishing a digital Euro, which the European Commission will propose shortly.”
The ECB Governing Council said in July 2021 that it will look into the initiative in order to address the major problems with the creation and distribution of a European CBDC. In order to protect privacy and minimize risks for European residents, intermediaries, and the economy, it is considering different design choices.