ECB welcomes 30 members to new digital euro advisory group

ECB welcomes 30 members to new digital euro advisory group

The European Central Bank (ECB) has confirmed 30 members of a new advisory group set up to advise on the design and distribution of a future digital euro.

Known as the Digital Euro Market Advisory Group, the ECB has appointed the members to advise on matters relating to the development of a digital euro, working on behalf of the Eurosystem—the ECB in conjunction with member state central banks across the Eurozone.

Initial investigations into the digital euro were launched in July, at which stage an advisory group was promised to consider different views from stakeholders on how an eventual digital euro should be formulated.

With the group now established, quarterly meetings have been set as well as channels for written responses and consultations to run between meeting sessions. Among the large firms to be represented in the new group are BBVA, Deutsche Bank AG, Société Générale, Stripe, and IKEA, alongside the European Payments Council.

The group is to be fronted by Antonio Macías Vecino of BBVA, Deutsche Bank managing director Jochen Siegert, head of payment engineering of EMEA payments at Stripe, Sean Mullaney, and Yves Blavet of Société Générale, amongst others.

The investigation phase looking at the digital euro is scheduled to last for 24 months, with the idea to look at the challenges and issues posed by the design and creation of a central bank digital currency for the Eurozone.

While plans continue to advance at the central bank, the ECB has previously said it has not yet decided whether to launch a digital currency. Any digital currency it eventually launches would stand alongside cash, rather than replace it, according to earlier statements from senior officials at the central bank.

With the new advisory group now in full swing, the ECB is expected to further consider the issues around establishing a new digital currency.

To learn more about central bank digital currencies and some of the design decisions that need to be considered when creating and launching it, read nChain’s CBDC playbook.

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