{"id":358644,"date":"2021-10-27T14:49:18","date_gmt":"2021-10-27T11:49:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/european-central-bank-announces-digital-euro-advisory-group-members\/"},"modified":"2021-10-27T14:49:18","modified_gmt":"2021-10-27T11:49:18","slug":"european-central-bank-announces-digital-euro-advisory-group-members","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/european-central-bank-announces-digital-euro-advisory-group-members\/","title":{"rendered":"# European Central Bank announces digital euro advisory group members"},"content":{"rendered":"

“# European Central Bank announces digital euro advisory group members <\/strong>”
\n<\/p>\n

The European Central Bank (ECB) has announced the formation<\/a> of a market advisory group for the purpose of exploring the infrastructural and circulation potential of the digital euro from the perspective of industry spearheads.<\/p>\n

The group also aims to uncover the digital euros optimal function within the pan-European currency\u2019s vast payments ecosystem.\u00a0<\/p>\n

The group includes a number of well-established experts from the banking and financial sector, including Aleksander Kurtevski, managing director of Bankart; Antonio Mac\u00edas Vecino, head of payments discipline at BBVA; and Axel Schaefer, payment regulation and innovation specialist at Ingka Group (Ikea), among others. <\/p>\n

It is expected that initial consultation meetings will commence in November 2021 and will operate on a monthly basis. The 30 members will work in advisory roles and report\u00a0their findings for consideration in retail payments discussions within the Euro Retail Payments Board.<\/p>\n

In mid-July this year, the Governing Council of the ECB disclosed\u00a0plans\u00a0to commence a two-year preliminary research initiative into the feasibility of the digital euro project, assessing parameters, such as infrastructure creation, distribution and design, with an assured\u00a0intention to \u201ccomplement cash, not replace it.\u201d<\/p>\n

ECB board member Fabio Panetta expressed his high expectations for the project\u2019s success:<\/p>\n

\u201cI 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\u2019 and distributors\u2019 views on a digital euro during the investigation phase.\u201d<\/p><\/blockquote>\n

Over the past year, the ECB has made progressive steps in its pursuit of a digital euro, an initiative that implies its desire to foster growth within the digital asset space. However, the institution has also expressed, seemingly\u00a0paradoxically, concerns\u00a0around the rapid advancement of the space, with its vice president claiming that crypto has \u201cvery weak fundamentals\u201d\u00a0in a May 2021 interview.\u00a0<\/p>\n

Related:<\/em><\/strong> Stablecoins are assets \u2014 Not currencies, says ECB president<\/em><\/strong><\/p>\n

In an interview with the World Economic Forum in early September,\u00a0Christine Lagarde, President of the ECB, scrutinized the vague categorization of dollar-pegged digital assets within the crypto sphere, concluding that stablecoins are \u201cpretending to be a coin\u201d but, in truth, are \u201ccompletely associated with an actual currency.\u201d<\/p>\n

Coupling this assessment, she advised that assets of this nature should be \u201cchecked, supervised, regulated\u201d to ensure transparency, liquidity and operation that best support the safety of the consumer.<\/p>\n