The group will add a representative of the EC and representatives of the national central banks. The experts will meet at least every three months and will start their activities in November.
The European Central Bank had revealed the complete staff of the Market Advisory Group for the issuance of the digital euro this week. These are 30 high-level professionals who will give advice to the Eurosystem on the design and distribution of this asset.
In a statement released to the press, the bank indicated that the appointment came into effect after the approval of the investigation phase of the digital euro project by the Governing Council.
As the bank specifies, the now members of the group have extensive knowledge of the retail payments market in the euro area, and they would act in a personal capacity from an “industrial perspective. Likewise, they will instruct on how the digital euro could add value to all the agents of the diverse payments ecosystem in that region.
The ECB highlights that, in the group, there will be a representative of the European Commission (EC) and representatives of the national central banks of the Eurosystem. The group will arrange meetings at least quarterly, beginning in November of this year.
Europeans and the Digital Euro
Europeans are not newbies regarding the issue of the digital euro. They have already thought about it. A consultation led by the ECB of 8,221 citizens unveiled the requirements around the asset: privacy in payments, security, and continental reach.
At least 41% of the citizens and entities that participated chose privacy as the main feature 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 throughout the continent, as this newspaper reported.
A town in Spain reports that it will launch a pilot version of the digital euro so that the citizens can know first-hand how this asset will work.
In any case, the ECB highlights that the research group, which includes various colleges and high-level public institutions, will study how this momentous change from euros in banknotes to digital currency would receive acceptance from society.
The Current Members of the Euro Digital Market Advisory Group
Among the advisers hired by the ECB are representatives of companies that play a role 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 features and services in the European Union (EU) and Latin America.
One of the members is Fanny Solano, Director of Digital Regulation and Retail, Transparency and Implementation, CaixaBank, which has already applied tests with a bitcoin platform.
Another member of the group is Nils Beier, The current Accenture’s CEO, Strategy and Consulting, who has also played a vital role within the crypto ecosystem.
On the other hand, representatives from several well-known businesses, including Societe Generale, Nordea, the Netherlands Payments Association, and the Associazione Bancaria Italiana, are members.
By: Jenson Nuñez
