European Central Bank launches new phase of digital euro project

The European Central Bank is launching a new phase of the digital euro project. It will last for two years and will not necessarily lead to the launching of such a currency, Report informs, citing Prime.

"The managing board of the European Central Bank has today decided to launch the research stage of the digital euro project, the bank said in a statement, adding that the stage will last for 24 months.

The research phase will address key design and distribution issues. The digital euro must meet the needs of Europeans while helping to prevent illegal activities and not have an undesirable impact on financial stability and monetary policy, the release said.

The new stage of the project does not mean the introduction of this currency in the future. It does not prejudge any future decision on a possible digital euro issue, the statement said.

The regulator assures that even if the digital euro is introduced into circulation, it will not replace cash.