By Shelly Melancon (Switzerland)
The European Central Bank (ECB) recently revealed that a market advisory group was formed with the goal of exploring the digital euro and the possible infrastructural and circulation challenges especially from the view of industry spearhead.
Another aim of the market advisory group is to discover the optimal functioning of the digital euro. This is important considering the large payment system operating within Europe. The market advisory group will help the European Central Bank in its goal of developing and implementing a digital euro.
Market Advisory Group Will Start Monthly Meetings
The market advisory group formed by the European Central Bank (ECB) includes well-known experts from the financial industry. Some of the experts in the group are Aleksander Kurtevski, Axel Schaefer, and Antonio Macias Vecino. These are experts from Bankart, Ingka Group and BBVA respectively with each of them leading various departments due to their expertise.
In November 2021, the advisory group is expected to start their initial consultation meetings and these meetings are expected to take place every month. The market advisory group consists of 30 members that will function in an advisory capacity, and they will be expected to report their findings for deliberations among the Euro Retail Payments Board.
The European Central Bank’s Governing Council revealed plans of the central bank to conduct two-year research to investigate the possibility of the digital euro project. Various parameters are to be assessed during this research, these include creating infrastructure, distribution and design, etc. This will take into consideration that the goal of the digital euro project will be to complement cash rather than replace it.
Also read:Digital Euro Project
Fabio Panetta, a board member of the European Central Bank, stated he has a big expectation for the success of the digital euro project. He expressed his joy over the involvement of several experts from the private sector who will be contributing to the project. He believes their expertise will help to integrate the view on digital euro of prospective users and that of distributors during the investigation phase.
Significant progress has been made by the European Central Bank over the past year in the pursuit of a digital euro. This shows the interest of the apex bank in enabling growth in the digital asset space. Despite this positive move in favour of digital assets, the vice president of the central bank has expressed concern regarding the rapid growth of digital assets, as he believes that cryptocurrency has very weak fundamentals.
Christine Largade, President of the European Central Bank, had an interview with the world economic forum last month. During the interview, she expressed the view that stablecoins are simply pretending to be crypto when in reality they are pegged to an actual currency.
She disagrees with the categorization of stablecoins as cryptocurrency during the interview. She thinks stablecoins are assets rather than cryptocurrency. She also believes that stablecoins should be evaluated and properly regulated to ensure that there is transparency in its operations and that it is safe for customers.
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