European Central Bank Launches Pilot Project To Create "Digital Euro"

"Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money," ECB president Christine Lagarde said in a statement.

The European Central Bank on Wednesday formally launched a pilot project to create a "digital euro", in response to the growing popularity of electronic payments and the rise of cryptocurrencies. "Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money," ECB president Christine Lagarde said in a statement. The initial "investigation phase" is to last two years and focus on the design of the digital euro, before a final decision is taken on whether to proceed. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)