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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.
“It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project,” said ECB President Christine Lagarde.
https://www.cnbc.com/2021/07/14/the-ecb-starts-work-on-creating-a-digital-version-of-the-euro-.html
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