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

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

The group consists of 30 senior financial executives from companies such as BBVA, CRIF, and Stripe, among others.

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).

The 30 members will serve as advisors starting from November 2021 

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.

The ECB’s Governing Council announced plans to launch an initial research project into the feasibility of the digital euro project in mid-July. Evaluating characteristics such as infrastructural development, circulation, and design, with the stated goal of “complementing currency, not replacing it”.

“I am glad that many high-quality specialists from the business sector are eager to participate in the digital euro project”, said ECB board member Fabio Panetta of his high expectations for the initiative’s success. During the study phase, their skills will help to integrate the perspectives of potential consumers. As well, distributors on a digital euro”.

The ECB has made progress in its quest for a digital euro during the last year. And Endeavour indicates its aim to promote expansion in the digital asset area. However, the organisation has indicated, somewhat paradoxically, concerns about the space’s rapid progress. With its vice president declaring in a May 2021 interview that crypto had “extremely weak fundamentals.”

According to ECB President, stablecoins are assets, not currency.

Christine Lagarde, President of the European Central Bank, examined the ambiguous classification 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 “under examination, overseen, and regulated” to ensure transparency, liquidity, and operation that best support customer safety.

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