Queen Maxima of the Netherlands Backs a Digital Euro
- Queen Maxima believes a digital euro will reduce barriers such as transaction fees and documents.
- A digital euro will serve as a digital currency for all countries in the European Union.
The European Central Bank began the quest for a digital euro in 2020 after it began studying the issuance of a central bank digital currency (CBDC). Since then, authorities in Europe have grown fond of the idea. CBDCs have become a subject of discussion among many central banks, and a handful of nations have launched theirs.
The European Central Bank has continued its effort to launch a digital euro, earning the praise of Máxima Zorreguieta Cerruti, Queen of the Netherlands. The monarch has become the latest figure to applaud the ECB’s ambition for a CBDC.
Queen Maxima made a virtual appearance at a European Commission conference and remarked that a digital euro could trigger financial inclusion and help people in underserved regions access much-needed financial services. The regent stated that financial inclusion remains a huge challenge in Europe. According to the 51-year-old, “two in five adults have not received a digital payment of any kind, nor bought something online.”
Speaking on the benefits of a CBDC, Queen Maxima said,
Central bank digital currencies could also offer benefits for social policies. Governments could use a digital euro to channel financial support to low-income households. This would deepen longer-term inclusion, and act as a gateway to other financial services.
The queen noted that a digital euro would remove the need for documents and transaction fees, which are sometimes roadblocks to accessing financial services. Maxima added that a European Union CBDC would be helpful for remittances, but authorities would have to erect policies to address possible loopholes.
According to the queen consort,
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 position to promote financial technology as a tool for inclusion, highlighting CBDCs in particular. Cryptocurrency enjoys healthy support in the Netherlands. The country also served as host to the Bitcoin Amsterdam conference, which took place in October and attracted other dignitaries like Prince Philip of Serbia and top European policymakers.