The ECB announced that it’s starting work toward creating a digital euro on the back of decreased cash usage. The project is expected to take two years and the idea is to design a digital version of the common currency, used in the 19 members of the euro zone. The digital euro would allow consumers to pay electronically, without the need for banknotes and coins. However, it would “complement” the existing monetary system rather than replacing physical cash and erasing the business of commercial lenders.