De Nederlandsche Bank

Let's go ahead and talk about some interesting news all the way from Europe, and this is more connected to a consortium.

And the news is that the European Banking Consortium, that is Cavallis, they have secured an electronic money institution license from Dutch Central Bank.

Now, this regulatory approval allows the company to launch a Euro-denominated stablecoin, and this is done under Euro's MiCA framework.

And issuance is planned for the upcoming months following the publication of the required whitepaper.

Congratulations, Petra, for another five years.

And previous to this role, she worked at the Dutch Central Bank, where she was the division director for insurance supervision.

So first of all, thank you for joining us and coming all the way to Luxembourg, Petra.

Really happy to have you here on the podcast.

And I consciously do that.

And the reason I do it is because I have benefited from role models as well as from support also for men throughout my career at moments that that was very important.

And I fondly recall that the Dutch Central Bank got its first role female board member, that was a novelty, Joanne Kellerman.

And I remember we had this conference with reinsurers and the board member was supposed to speak.

That took a couple of months to create application.

It was then sent to the regulator, the Dutch Central Bank.

they took a couple of months to read it and then it came back with a lot of questions i think 150 to 200 questions around our application and i got this back on my desk and i started reading it and i was like i don't understand these questions i don't know why they want to know it i don't understand why it's even relevant for the services we want to provide and i was like well i can do either two things i can reinvest a lot of money with the law firm to get answers to these 200 questions.

But as an industrial designer, you learn how to make sure you know just enough of each of the elements that you try to build a product on.

And a comment that you've long made about trust in the system and in the United States, unfortunately... eroding.

And just before this, we had a very interesting development coming out of the Netherlands that the Dutch central bank repositioned about 86 tons of gold from the US and Canada towards London.

And the language that they used in the statement was very interesting.

The Dutch, the DNB, the Dutch Central Bank said in view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness.

They also said that they're spreading the gold more evenly between North America, the UK and Netherlands to make it more readily available for use in a crisis situation.

And they describe gold as an anchor of trust, saying it is ideally suited to hedge extreme systemic risks.

They'd rather have... removal of counterparty risk.

But