ECB Appoints 30 members for Digital Euro Project

The European Central Bank finally appointed 30 members for the advisory group of the Digital Euro Project. 

In the present time blockchain adoption is at a tremendous level. Even all the developed and developing countries are trying their best to bring the use of blockchain technology in the payment system to make it faster and more efficient than traditional payment systems. The US officials are now in a situation to think about digital Dollar (CBDCs) development because of increasing competition. 

Related: USA lawmakers introduced ‘Digital Dollar’ Plan for digital payment system

The European Central Bank announced their plan for a digital Euro. For the digital Euro, ECB authorities announced in June for the institution and people for enrollment in the advisory group. 

Now finally after analysis of all the applications, ECB selected 30 members, which are experienced and eligible, for the Digital Euro Advisory Group. 

Most of the elected members in the advisory group of digital Euro are from the  Société Générale, Nordea, Intesa Sanpaolo, Swedbank, La Banque Postale, and Deutsche Bank. Roberto Catanzaro, of the Nexi Group. At present, it is aimed by the ECB officials that they will hold a Quarterly regarding the digital Euro ( CBDCs). 

Fabio Panetta, ECB board member stated on this appointment of members 

“I 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’ and distributors’ views on a digital euro during the investigation phase”

The main role of the Digital Euro  Advisory Group” will be in the contribution that how Digital Euro can be modified & can be resolved to bring adoption in different ways. 

According to the statement of the president of the institution, Christine Lagarde, Digital Euro is the initial phase of investigation and development work on digital Euro will not start this year. 

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