Friday, August 12

30 experts will advise the ECB on the design and distribution of the digital euro

Key facts:
  • The group will include a representative of the EC and representatives of the national central banks.

  • The experts will meet at least every three months starting in November.

The European Central Bank (ECB) this week appointed the members of the Market Advisory Group for the digital euro project. These are 30 high-level professionals who will advise the Eurosystem on the design and distribution of this asset.

In a release disclosed to the press, the Bank indicated that the appointment comes after the approval by the Governing Council of the ECB of the investigation phase of the digital euro project, a fact reported by CriptoNoticias.

As they specify, the now members of the group have “extensive knowledge of the retail payments market in the euro area” and therefore will act “in a personal capacity” from an “industrial perspective”. They will also instruct on how the digital euro could add value to all agents of the diverse payments ecosystem in that region.

The ECB details that in the aforementioned group there will be a representative of the European Commission (EC) and representatives of the national central banks of the Eurosystem. They will meet at least quarterly, beginning in November of this year.

I am pleased that many high-quality experts from the private sector are ready to contribute to the digital euro project. Their experience will facilitate the integration of the opinions of potential users and distributors on a digital euro during the research phase.

Fabio Panetta, Chairman of the High Level Task Force and Member of the Board of the ECB.

Europeans have already heard of the digital euro

Europeans are not novices on the issue of the digital euro. They have already thought about it. In fact, a public consultation by the ECB of 8,221 citizens revealed the requirements regarding assets: privacy in payments, security and continental reach.

41% of the people and entities that participated chose privacy as the main characteristic that the currency should have; 17% consider that safety is the most important; and 10% maintain that the priority is that it can be used across the continent, as reported by this newspaper.

And it is so much that a town in Spain reports that it will launch a pilot version of the digital euro, so that the inhabitants can know first-hand how will be the use of that asset.

The appointment comes after the approval of the research phase of the digital euro project. / Source: ECB.

In any case, the ECB estimates that the research group, which includes various universities and high-level public institutions, will study how it would be accepted by society “This momentous change from euro banknotes to digital currency.”

These are some of the members of the Euro Digital Market Advisory Group

Among the advisers hired by the ECB are representatives of companies that have been involved in the bitcoin industry, blockchains and cryptocurrencies.

One of them is Antonio Macías Vecino, head of the Payments Discipline at BBVA, a bank that already has bitcoin services in the European Union (EU) and Latin America.

There is also Fanny Solano, Director of Digital Regulation and Retail, Transparency and Implementation, CaixaBank, which has already carried out tests with a bitcoin platform

Another member of the group is Nils Beier, Accenture’s CEO, Strategy and Consulting, who has also been involved with the ecosystem.

In addition, there are representatives from several well-known companies including Societe Generale, Nordea, the Netherlands Payments Association and the Associazione Bancaria Italiana.