The European Central Bank (ECB) has announced the establishment of a Markets Advisory Group to examine the infrastructure and circulation potential of the digital euro from the perspective of industry leaders.

The team also wants to investigate the optimal functioning of the digital euro in the vast payment ecosystem of pan-European currencies.

The team includes a number of well-known experts in banking and finance, including Aleksander Kurtevski, Chief Executive Officer of Bankart, Antonio Macías Vecino, Head of Payments at BBVA, and Axel Schaefer, Innovation Specialist and Payment Regulations at Ingka Group (Ikea). , among other.

The first consultations are expected to begin in November 2021 and will take place monthly. The 30 members will act in an advisory capacity and present their results for consideration in the discussions on retail payments in the Euro Retail Payments Board (ERPB).

In mid-July this year, the Board of Governors of the ECB announced plans to launch a two-year preliminary research initiative on the feasibility of a Euro digital project, evaluating such as the creation, distribution and design of infrastructure, with the intention of not replacing cash . “

Related: Stablecoins are assets – not currencies, says ECB President

ECB board member Fabio Panetta expressed high expectations for the success of the project:

“I am pleased that many top-class specialists from the private sector are ready to take part in the digital euro project. Your expertise will facilitate the inclusion of potential users and dealers’ views on the digital euro during the research phase. “

This is an evolving story so more details will be added shortly.

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