The EU’s digital Euro project is taking flight as the move to a pilot program is worked on. The newest development is the Market Advisory Group additions of at least new 30 senior professionals that will add their expertise. The European Central Bank (ECB) is the prime mover here, naming the group ‘The Eurosystem’s High-Level Task Force on Central Bank Digital Currency”.
Some of the major contributors to the Digital Euro Market Advisory Group are Deutsche Bank, Societe General, BBVA, and Nordea among many others. The full list of companies is available on the website of the ECB.
The Ecosystem will focus on providing advisory services on the design and distribution of the central bank digital currency (CBDC), which must also abide by industry standards. Moreover, the members of the group will also have the difficult task to find out how to add value to all the participators in the European payment ecosystem.
Fabio Panetta, ECB board member, revealed that he is his colleagues are pleased with the contribution from the private sector, ” Their expertise will facilitate the integration of prospective users’ and distributors’ views on a digital euro during the investigation phase,”
Discussion and general plan-making is expected to start from November. The group is also expected to conduct focus groups with members of the public as well as with merchants.