ECB reveals Digital Euro Advisory Committee members

The European Central Bank has established a Digital Euro Advisory Committee to advise the Digital Euro project. 1
The European Central Bank has established a Digital Euro Advisory Committee to advise the Digital Euro project. 1

The European Central Bank has established a Digital Euro Advisory Committee to advise the Digital Euro project. The Digital Euro Market Advisory Group is composed of 30 members with extensive industry experience.

In June, the ECB officially invited interested parties to apply for membership in the group. The bank subsequently reviewed and selected the most qualified applicants. Individuals with extensive knowledge of the euro area retail payments industry and demonstrated competence were chosen.

Digital Euro still a long way to go

The Digital Euro is presently in its research phase, as stated by Christine Lagarde, the organization’s president, in September. According to Fabio Panetta, a board member, the group’s knowledge will be beneficial during this research phase in integrating potential users’ and distributors’ viewpoints on a digital euro.

The investigative phase will begin this month and will take roughly two years to be completed. After the completion of this first phase, the project will start the development phases. This is dependent on if there will be a clear demand for digital currency. The plan is to release a test trial in Europe in the later phase.

The ECB said that the board members will assist in the development and distribution of a prospective central bank digital currency. The board meetings will take place at least quarterly, beginning in November 2021. Between sessions, there will be written consultations.

The concerns identified will also be addressed in the Eurosystem’s established forum for institutional discussion on retail payments, the Euro Retail Payments Board (ERPB).

The ERPB is a high-level organization made up of company executives and includes a broad range of stakeholders.

The Eurosystem will also conduct public opinion polls and business surveys, as well as technical seminars with the industry.

The Digital Euro Advisory Group is chaired by Wilko Bolt of ABN AMRO/Rabobank Nederland. Other members include experts from MasterCard, Visa Europe , PayPal , iZettle, Datacard Group and Société Générale.