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ECB Announces Advisory Group for Digital Euro

The European Central Bank has appointed the Digital Euro Market Advisory Group, an organization that will work for the bank to find out more on how they can add value to the proposal of a central bank digital currency. The Central Bank has filtered and selected the most experienced applicants after it called interested parties to join the group in June. The group is founded with 30 senior business professionals.

The Advisory Group includes members of known banking and economic institutions in Europe like Société Générale, Nordea, Intesa Sanpaolo, Swedbank, La Banque Postale, and Deutsche Bank. Roberto Catanzaro, of the Nexi Group, is also part of the group. The Nexi Group is involved in the project since the early inception. Large Swedish furniture manufacturer IKEA is also represented in the group..

The Digital Euro Market Advisory Group will be holding quarterly meetings with the first coming up next month.

Board Member of the ECB, Fabio Panetta, stated:

“I am pleased that many high-quality experts from the private sector are willing to contribute to the digital euro project. Their expertise will facilitate the integration of prospective users’ and distributors’ views on a digital euro during the investigation phase.”

The Digital Euro is currently in its investigative phase, beginning this month and taking two years to completion. A digital Euro will therefore still be a minimum of two years away,

The 30 members of the advisory group will be advising the ECB about the Digital Euro project and how it can be optimized taking all sectors in the Eurozone in consideration.

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Author: Peter Siu