By George Ward
Recently, Netherlands citizens flocked to the streets to oppose the pilot test of the Euro CBDC on their home soil. The protesters held several signs and posters to express their displeasure about the move.
The protest, as reported, is a reaction to the news that the legislative house has approved the pilot test of the Euro CBDC in the country. As a result, the citizens were out to voice their dissatisfaction with the move to make the Netherlands the testing ground for the Euro-backed digital currency.
According to multiple reports, the protest was peaceful as the citizens moved to the House of Representatives to tackle lawmakers on the issue. Some protesters hold a placard that reads, “CBDC is a digital jail.” “Defund the state, buy Bitcoin, and others.”
The protest came two weeks after the Queen of the Netherlands, Maxima, backed the move for the digital Euro. Speaking at a virtual European conference, the Queen noted that the digital currency would help promote financial inclusion in unbanked communities within EU member countries.
She added that the move would lower transaction costs in several European countries. Part of her statement read, “It is the responsibility of the representative from the public sector to ensure that the financial system is open to all and responsive to the needs of all categories of people.”
“Therefore, let us build a better future and a digital currency that works for all,” she said. The Queen also commended the European Central Bank (ECB) on the initiative to develop a Euro CBDC to include all segments of the EU population financially.
The Queen is reported to have been an ardent fan of cryptocurrency before now. On several occasions, she expressed her interest and advocated for adopting crypto assets in transactions.
Dutch Central Bank Backed CBDC Over BTC
Meanwhile, the Netherlands has been struggling with launching a national digital currency for nearly two years. The Dutch bank partnered with the ECB in 2020 to use the country as the test site for the proposed Euro-backed CBDC.
Furthermore, the CBDC project has undergone several phases, from numerous tests to evaluation and usability to bugs and hitches. Nevertheless, most citizens are against it. Instead, they want the legalization of Bitcoin and other private crypto assets.
Although talk about CBDC as an alternative to privately issued digital currency continues to gain traction, the Netherlands’ citizens prefer to avoid centralized digital finance.
However, the Dutch authorities are undecided about whether to approve using Bitcoin and other cryptocurrencies for transactions. With the MiCA bill about to be implemented, the CBDC would likely be the preferred virtual currency, not private crypto assets such as Bitcoin.