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ECB takes first step towards digital euro

FILE PHOTO: Workers maintain the huge Euro logo in front headquarters of ECB in Frankfurt
FILE PHOTO: Workers maintain the huge Euro logo in front of the headquarters of the European Central Bank (ECB) in Frankfurt, December 6, 2011. REUTERS/Ralph Orlowski
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FRANKFURT: The European Central Bank took a first step on Wednesday (Jul 14) towards launching a digital version of the euro, part of a global drive to meet growing demand for electronic means of payment and tackle a boom in cryptocurrencies.

"The Governing Council of the European Central Bank (ECB) has decided today to launch the investigation phase of a digital euro project," the ECB said in a statement.

"The investigation phase will last 24 months and aim to address key issues regarding design and distribution."

Source: Reuters