The digital Euro has found a new supporter in Queen Máxima of the Netherlands. Attending a European Commission (EC) conference virtually, the Queen said she was encouraged by the European Central Bank’s work in launching a digital euro.
The queen’s remarks come as part of an EC conference pushing for a legislative framework for a digital euro, on 7 November. The conference is titled “Towards a legislative framework enabling a digital euro for citizens and for businesses.”
The Queen has been known to use her public standing to advocate for financial technology as a means of inclusion. For instance, she made a similar remark last month. She is also the United Nations Secretary-General’s special advocate for inclusive finance for development.
Additional details on Queen Máxima’s view
Elaborating her views on the subject, Queen Máxima said that a digital euro could encourage financial inclusion among underserved communities by circumventing roadblocks, including transaction fees and documentation requirements. A central bank digital currency could help reduce the cost of remittances in the European Union, according to the regent.
Furthermore, calling upon all of the European Union to envision a better future with a financial system that is open, inclusive, and responsive to the needs of all groups, the Queen reinforced the need to build a digital euro that works for all Europeans.
However, the Queen did emphasize the need for regulations. The digital currency, she said, will require policy reforms and safeguards “to address difficulties and risks.”
The making of the digital euro
The digital euro is two years in the making at the moment. It is intended to be a Central Bank Digital Currency (CBDC) that serves the European Union. The two-year probe process into its creation is scheduled to conclude in September 2023.
In recent times, European Central Bank (ECB) President Christine Lagarde announced that the EC intends to release a legislative proposal on a digital euro shortly.
During a conference, held by the EC and the ECB in Brussels, Lagarde said that 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.”