The experts from the new group will advise the Eurosystem on the development of the European digital currency.
The European Central Bank (ECB) has announced that an advisory group will begin
conduct meetings from November 2021 at least once a quarter. Written consultations will be organized between the meetings.
After evaluating the applications of experts who showed interest in researching the state digital currency, the selection committee appointed 30 representatives with proven experience and broad understanding of the retail payments market in the euro area. Fabio Panetta, member of the ECB Council and Chairman of the new working group, said that thanks to the experience of experts who have expressed a desire to participate in the work of the group, it is possible to develop a digital euro that meets the requirements of both ordinary users and businesses.
“I am delighted that many highly qualified business experts are ready to contribute to the digital euro project. Their experience will help integrate the views of potential users and distributors on the digital euro during the investigation phase. ”
Members of the business working group, which will include representatives from the European Commission and national central banks, will advise the Eurosystem on the development and distribution of the state digital currency from an industry perspective. In addition, the group will develop recommendations on how to add value to the digital euro for all players in the diverse payment ecosystem of the eurozone.
The issues identified by the working group will be addressed at the Euro Retail Payments Board (ERPB) forum for institutional dialogue on retail payments organized by the Eurosystem. The ERPB welcomes senior representatives from industry associations representing a wide range of stakeholders. In addition, the Eurosystem will conduct public and trader polls and conduct technical seminars with industry representatives.
In August, Vice President of the European Central Bank (ECB) Luis de Guindos called for an accelerated launch of the digital euro.
A month later, Jürgen Schaaf announced that the European Central Bank will continue to experiment with the digital euro over the next two years. The ECB chose the payment company Nexi as a partner to test and launch the digital euro.
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