The European Central Bank (ECB) has appointed an advisory group for the Digital Euro project. Known as the Digital Euro Market Advisory Group, it was founded with 30 members from a business background. The council will have a statement on the design, distribution and pricing of this new digital currency payment ecosystem. The currency can begin its development phase in two years.
The ECB integrates the Digital Euro Advisory Group
The European Central Bank has announced the appointment of the Digital Euro Market Advisory Group, an agency that will advise banks on how they can add value to the central bank’s digital currency proposal. The ECB called on the parties in June to express their interest in joining the group and selected the most experienced applicants by bank filtering. Among the applicants, ECB selected 30 senior business professionals.
Among the selected are members of well-known banking and economic institutions in Europe such as Society General, Nordia, Intesa Sanpaolo, Swedenbank, La Bank Postal and Deutsche Bank. Roberto Catanzaro of Nexi Group, a company that has revealed that it was involved in the design phase of the Digital Euro, is also part of the council. The group will hold at least quarterly meetings from next month.
ECB board member Fabio Panetta said:
I am glad that many high-quality experts from the private sector are willing to contribute to the Digital Euro project. Their expertise will help gather the views of potential users and distributors in the digital euro at the stage of investigation.
Introduction and potential impact
The 30 members of the advisory group will have the task of advising the ECB on the proposal and how it can be amended to better address the needs of various sectors in the eurozone. The field of payment will also be considered in particular, as the issues identified as a result of this group meeting will be promoted to the Euro Retail Payment Board, an institutional forum that discusses retail payments.
The digital euro is currently in its investigative phase, according to a statement from the organization’s president, Christine Lagarde, in September. This phase will start this month and will take two years to complete. Only after this phase is completed, and there is a clear demand for a digital currency, will the project begin the stages of its development with plans to publish an experimental trial in Europe.
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