European Central Bank announces digital euro advisory group members

Members of the European Central Bank’s digital euro advisory committee have been announced

The European Central Bank (ECB) has announced the creation of a market advisory committee with the goal of investigating the digital euro’s infrastructure and circulation possibilities from the standpoint of industry leaders.

The committee also wants to figure out how to make digital euros work best in the large payments ecosystem that surrounds the pan-European currency.

Among the group’s members are Aleksander Kurtevski, general director of Bankart; Antonio Macas Vecino, head of payments discipline at BBVA; and Axel Schaefer, payment regulation and innovation specialist at Ingka Group (Ikea).

Initial consultation meetings are planned to begin in November 2021 and will be held on a monthly basis. The 30 members will serve in advisory capacities and present their findings to the Euro Retail Payments Board for consideration in retail payments talks.

Get 10,000 Satoshi’s [0.0001 BTC] Welcome Bonus.
Sign Up Now & Claim Your Welcome Bonus! (KYC required)

The ECB’s Governing Council announced intentions to launch a two-year preliminary study project into the viability of the digital euro project in mid-July, evaluating characteristics such as infrastructure construction, distribution, and design, with the stated goal of “complementing currency, not replacing it.”

Fabio Panetta, an ECB board member, has high hopes for the project’s success:

“I am glad that a large number of high-quality private-sector professionals are eager to assist to the digital euro initiative.” During the study phase, their skills will help to integrate the perspectives of potential consumers and distributors on a digital euro.”

The ECB has made headway in its pursuit of a digital euro during the last year, an endeavor that indicates its aim to promote expansion in the digital asset area. However, the organization has indicated, somewhat ironically, worries about the space’s rapid progress, with its vice president declaring in a May 2021 interview that crypto had “extremely poor fundamentals.”

Christine Lagarde, President of the European Central Bank, examined the ambiguous categorization of dollar-pegged digital assets within the cryptosphere in an interview with the World Economic Forum in early September, concluding that stablecoins are “pretending to be a coin” but are “completely associated with an actual currency.”

In addition, she recommended that assets of this sort be “examined, overseen, and controlled” to guarantee transparency, liquidity, and operation that best promote customer safety.