The European Central Bank (ECB) issued a request for "experts with experience" to apply yesterday with the intention of having them serve as volunteers on the group that will craft the regulatory code for the digital Euro system.
Candidates have until January 20 to submit a resume and responses to the five "justify credentials" questions posed by the group's executives.
The chosen individuals will join the Euro Digital Scheme Rulebook Development Group, tasked with creating the guidelines under which this asset can be traded and spent across Europe.
According to an ECB announcement, the development team working on the guidelines for the use of the digital euro will go to work on those guidelines on February 23.
The group's responsibilities include gathering market data and offering a sectoral view of the Eurosystem, as well as aiding in the development of a regulatory framework for the digital Euro. Christian Schäfer, manager of CBDC regulation, is in charge of coordinating all of this.
The building of the digital Euro is well underway...
The ECB has stated that the development group will include of market representatives with relevant experience as well as officials from the Eurosystem.
Payment service providers, banking industry members, and payment institutions/electronic money institutions will be chosen to offer the system. Consumers, brick-and-mortar stores, e-commerce sites, large and small businesses, and other organizations will all be represented on the demand side.
The distribution and implementation of this CBDC are still the subject of ongoing investigation by experts. Nonetheless, the ECB stated in its December report that the digital euro will be an asset that can only be handled and maintained by "supervised intermediaries" that will operate similarly to existing bitcoin (BTC) and cryptocurrency exchanges.
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Europeans have spoken, and they do not support the European Central Bank's plan to issue a digital euro. On the other hand, the bank sees the creation of the digital euro as imperative. It claims that the euro could lose "its position as Europe's monetary anchor" if its use as cash "is less and less" in member countries.
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Author: Mark Pippen
London News Desk
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