ECB appoints consultant group for digital euro project-

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Digital Euro

The European Central Bank (ECB) has used a consulting group for the digital euro project. It was founded as a digital Euro Market Advisory Group with 30 members with a business background. The Council will have a say in the design, distribution and value that this new digital currency can offer for the payment ecosystem. The currency could begin its development phase in two years.

ECB integrates digital Euro Advisory Group

The European Central Bank has Advisory Group, an organization that is advised by the bank as it can give the proposal of a digital central bank currency. The ECB asked the parties to express their interest in joining the group in June, and the bank filtered and selected the most experienced applicants. Among the applicants, the ECB selected 30 high -ranking business people.

Among the chosen ones are members of well-known banking and business institutions in Europe such as Société Générale, Nordea, Intesa Sanpaolo, Swedbank, La Banque Postale and Deutsche Bank. Roberto Catanzaro from the Nexi Group, a company that involved is also represented in the council. The group will organize at least quarterly meetings next month.

ECB directorate member Fabio Panetta said:

I am pleased that many top-class experts from the private sector are willing to participate in the digital euro project. Your expertise will facilitate the involvement of the views of potential users and dealers at a digital euro during the investigation phase.

roll and possible effect

The 30 members of the consulting group will have the task of advising the ECB about the proposal and how it can be modified in order to better do justice to the needs of the different sectors in the euro zone. Payment transactions are also particularly taken into account, since the topics identified in the result of these group meetings in the Euro Retail Payments Board, an institutional forum that discusses mass payments, are collected.

The digital euro is currently in its investigation phase, according to the Christine Lagarde, the president of the institution. This phase begins this month and lasts two years. Only when this phase has been completed and there is a clear demand for a digital currency, will the project begin its development phases with plans for the publication of a test attempt in Europe.

What do you think of the calling of the digital euro market advisory group? Tell us in the comment area below.

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