European Central Bank unveils its Digital Euro Advisory Board

An advisory committee for the ECB’s digital euro project

Last July, after long months of hesitation, the ECB finally gave the green light to launch the digital euro project.

This experimentation period is planned for two years, during which the institution will decide on the feasibility and usefulness of such a project.

To do this, the ECB announced via a press release that it had appointed thirty professionals in the sector from thirty different companies or institutions. According to this document, these people must “advise Eurosystem on the design and circulation of the digital euro potential. “

Members of the group of thirty professionals have planned to meet at least quarterly from this November.

Written consultations will be carried out between each meeting, in particular to identify certain difficulties and propose solutions for resolution.

👉 To go further – Digital Euro – What are its advantages and disadvantages?

An advisory committee made up exclusively of Europeans

Among the members of the committee, there are of course many European banks (Deutsche Bank, La Banque Postale, Banque Populaire, Société Générale, etc.).

We also note the presence of French Worldline. The latter has recently been talked about by allowing a wide opening of cryptocurrency payments in Switzerland. More surprisingly, the Swedish group Ikea is also in the game.

However, the main information is the absence of American actors. Yes, there is Stripe, but the Californian company is also based in Dublin, Ireland. Moreover, it will be the Irish subsidiary that will be represented in the working group.

On the other hand, we can notably note the absence of PayPal, Visa or Mastercard, which have nevertheless advanced on the subject of digital assets since last year.

👉 Follow all the news related to the regulation of cryptocurrencies

MNBC projects are growing in number around the world

Does the European Union finally want to show a desire for sovereignty on such an important subject? In any case, it is the image it gives itself by excluding the American and Chinese actors.

As a reminder, the digital euro is a central bank digital currency (MNBC). It can be compared to other projects of the same type such as the digital yuan in China or the Dunbar project bringing together four countries.

If these projects are clearly in opposition to cryptocurrencies according to their supporters, they nonetheless remain an issue of sovereignty. Their exponential growth is proof of the fear caused to central banks by cryptoassets.

Indeed, an MNBC is and would remain a centralized currency and controlled by a central bank, unlike a cryptocurrency. It now remains to be seen whether these MNBCs will actually be able to emerge and face competition from Bitcoin (BTC) and others.

👉 To read – MNBCs: the smokescreen of the banking system?

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About the author: Benjamin Allouch

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Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.

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