The European Central Bank (ECB) has appointed an advisory group on the digital euro project. It was founded under the name Digital Euro Market Advisory Group by 30 members from the business environment. The Council will have a say in the design, distribution and value that this new digital currency can provide to the payment ecosystem. The development phase could start in two years.
The ECB has appointed an Advisory Group on the Digital Euro
The European Central Bank has announced the appointment of the Digital Euro Market Advisory Group, an organization that will advise the bank on the central bank’s digital currency proposal. The ECB invited stakeholders to express their interest in joining the group in June, and the bank selected the most experienced bidders. From the individuals who applied, the ECB selected 30 high-ranking business professionals.
Among those selected are members of well-known banking and economic institutions in Europe such as Société Générale, Nordea, Intesa Sanpaolo, Swedbank, La Banque Postale and Deutsche Bank. Roberto Catanzaro from Nexi Group, who was involved in the design phase of the digital euro design, is also part of the board. The group will hold meetings at least quarterly from next month.
ECB Member of the Board Fabio Panetta stated:
“I am pleased that many high-quality private sector professionals are willing to contribute to the digital euro project. Their expertise will facilitate the integration of potential users ‘and distributors’ views on the digital euro during the investigative phase. “
The task of the 30 members of the Advisory Group will be to advise the European Central Bank on the design of the digital euro and how it can be adapted to better address the needs of different sectors in the euro area. Special attention will also be paid to payments.
The digital euro is currently under investigation. This phase began this month and will last for two years. Only after this phase is over and there is a clear demand for digital currency will the project begin its development phases with plans to launch a trial run in Europe.