European Central Bank appoints 30 members to digital euro advisory group

The European Central Bank (ECB) has appointed 30 members to its new "Digital Euro Market Advisory Group."

The members will advise the Eurosystem on designing and distributing a potential digital euro, a central bank digital currency (CBDC). The Eurosystem is the monetary authority of the euro area and comprises the ECB and the national central banks of the member states that use the euro.

The ECB launched the digital euro project in July in an investigation phase. At the time, it said a market advisory group will consider prospective users' and distributors' views on a digital euro.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Now that the group has been put in place, quarterly meetings will be held starting next month, and written consultations will be organized between sessions. The group includes senior business professionals from organizations such as BBVA, Deutsche Bank AG, Société Générale, European Payments Council, Stripe, and IKEA.

BBVA's head of payments discipline Antonio Macías Vecino, Deutsche Bank's managing director and global head of asset platforms Jochen Siegert, Société Générale's open banking director Yves Blavet, and Stripe's head of payment engineering of EMEA payments Sean Mullaney are representing the group, among other professionals.

The investigation phase will last 24 months, and it aims to address key issues regarding the design and distribution of a digital euro.

The ECB has yet to decide whether it will issue a digital euro. The central bank has said if it does, then the digital euro would complement cash and not replace it.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.