ECB Takes First Step Towards a Digital Euro

The European Central Bank took a first step on Wednesday towards launching a digital version of the euro as part of a global drive to meet the growing demand for electronic payment methods and tackle the boom in cryptocurrencies. A digital euro, an electronic equivalent of banknotes and coins, is likely to be similar to the account that eurozone citizens can keep at the European Central Bank rather than in commercial banks.

“Our work aims to ensure that citizens and businesses in the digital age continue to have access to the safest form of money that is central bank money,” said European Central Bank President Christine Lagarde. 24 months followed by three years of implementation with the aim of avoiding leaving digital payments to the private sector.