Top-Notch European Advisory Group Appointed By ECB for Advancing In Digital Euro Mission
An advisory group called, “Digital Euro Market Advisory Group (DEMAG)”, has been established within the European Central Bank (ECB) for advancing in the “Digital Euro” mission. At least 30 of the best European advisors have been constituted as the members of DEMAG. The task of DEMAG would be to propose Euro Digital’s design, its projected value and distribution. It is likely that ECB will commence the project in two years’ time.
Although ECB is not very much interested in hardcore cryptocurrencies, yet it has developed interest in CBDC.
CBDC is known as “Central Bank Digital Currency”, which though is a digital currency but not private. In fact, CBDC is owned by a respective jurisdiction and has been issued by the respective central bank of that state. For instance, China’s CBDC is “Digital Yuan”, which is undergoing testing phase at presently. However, in the case of Europe, it would be “Digital Euro”, which would serve entire nations which are part of European region.
Digital Euro, according to ECB, Digital Euro will going to be backed by none other currency than Euro itself. But the project hasn’t been initiated yet. Instead, ECB is currently going through the process of carrying out feasibility studies of the CBDC project. But looking at ECB’s statements, it is certain that project will eventually be undertaken by ECB at some stage. It is likely that perhaps ECB would want to commence the project within a two years’ timeframe.
At presently, an appointment of an advisory council has been made by ECB which is in connection with the Digital Euro project.
It has been confirmed that ECB has incorporated an advisory council within which is named as “Digital Euro Market Advisory Group (DEMAG)”. DEMAG consists of at least 30 top-notch advisors from the European region to form ECB’s high profile advisory council of DEMAG. The purpose of DEMAG is to seek proposals which could ultimately add value to the future CBDC project of ECB. The appointment of members to DEMAG was done by inviting interested parties through official tender submission.
Seeking of expression of interest process was initiated by ECB in the month of June, 2021. Since then the bank was assessing the applicants and shortlisted 30 applicants, who are all top experts in their advisory field.
Some of the names of the members of DEMAG include Societe Generale, Deutsche Bank, Swedbank, Nordea, La Banque Postale and Intesa Sanpaolo. In addition, Nexi Group, which is also responsible for the Digital Euro’s design, is also amongst the members of the DEMAG.
Since the advisory council has been officially formed, it will hold its first meeting in the month of November. After this meeting, there will be at least four meetings in a year where.