ECB shuns US companies for digital euro advisory panel

The European Central Bank (ECB) has announced the 30 people who will be part of its market advisory group for its digital euro project, according to a press release.

The group will advise the ECB on the design and distribution of a possible digital euro, the statement said. It will also examine how a digital euro could add value to the euro area payments ecosystem.

Major U.S. payment companies, such as Visa, Mastercard and PayPal, are missing from the list of advisory group members, Ledger Insights reported. Although the United States is represented with the inclusion of Sean Mullaney of Stripe, Stripe is headquartered in the United States and Ireland as its founders are Irish.

Also included is the European Payment Initiative (EPI), which is supported by 31 European banks and seeks to create a region-wide payment system to compete with Visa and Mastercard, with the Worldline card acquisition solution being a member of both of the EPI with the ECB’s Advisory Group, the report says.

“I am delighted that many high-quality experts from the private sector are willing to contribute to the digital euro project,” Fabio Panetta, member of the ECB’s executive board, said in the statement. “Their expertise will facilitate the integration of the perspectives of potential users and distributors on a digital euro during the investigation phase.

The first meeting of the Market Advisory Group will be held in November and then at least quarterly thereafter, the statement said. The ECB plans to interact with establishments through the Euro Retail Payments Board (ERPB), organize discussion groups and organize technical workshops with the industry.

The ECB has announced that it will begin the investigative phase of its digital euro project in July.

Read more: The ECB begins the “investigation phase” of the Digital Euro project

“A digital euro must be able to meet the needs of Europeans while helping to prevent illicit activities and avoiding any undesirable impact on financial stability and monetary policy,” the ECB said at the time. “This will not prejudge any future decision on the possible issuance of a digital euro, which will come later. In any case, a digital euro would complement cash, not replace it. “



On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

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