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7/14, 1:45 PM (Source: TeleTrader)
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ECB launches digital euro investigation phase

The European Central Bank (ECB) Governing Body announced on Wednesday it has launched an "investigation phase" of a digital euro project, which will last 24 months and examine the main issue concerning the design and distribution of such currency.

"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," ECB President Christine Lagarde said. "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."

The goal of the investigation phase will be to review users' needs in order to create "a riskless, accessible, and efficient form of digital central bank money" that will avoid risks to the Eurozone's citizens and protect their privacy, as well as the digital euro's potential effect on the market and the overall economy. The ECB will work closely with the representatives of the European Union to ensure the currency is in line with the bloc's legislature.

Breaking the News / JR