The European Central Bank (ECB) on Wednesday launched a pilot project for the possible development of a digital euro in response to the growing popularity of digital payments and cryptocurrencies.
“The aim of our work is to ensure that citizens and businesses in the digital age continue to have access to the safest form of money, central bank money,” said Kristine Lagarda, President of the ECB.
The initial phase of the study will run for two years and will focus on the opportunities that users need to provide for the digital euro, as well as the opportunities for the distribution of the digital euro.
According to the ECB, the development of the digital euro would take about five years, so the digital euro could be introduced no earlier than 2026.
The digital euro would be an electronic version of euro coins and banknotes stored in a digital wallet, allowing euro area citizens to have accounts with the European Central Bank for the first time.
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