The European Central Bank is preparing a project for a digital version of the euro, responding to pressure from emerging technologies that could change how money is exchanged in the future, reported AP.
ECB President Christine Lagarde said the digital euro could offer people a way to buy things without depending on payment service providers controlled by non-European companies. These may include Mastercard, Visa, Apple Pay, and Google Pay.
The European Commission is expected to propose legislation regarding the idea in the next few weeks, ECB officials say, while the central bank will publish a detailed proposal for the digital currency’s design in October.