The European Central Bank (ECB) today took the first step towards launching a digital version of the euro as part of a global effort to meet the growing demand for electronic means of payment and to address the growing use of cryptocurrencies.

The Governing Council of the ECB officially gave the green light for the exploratory phase of the project, which is expected to last 24 months, followed by a three-year implementation period.

The main goal of the initiative is to not cede the use of digital payments to the private sector especially if the use of conventional cash starts to decline, as in Sweden.

“Our work aims to ensure that in the digital age, citizens and companies continue to have access to the safest form of money, central bank money,” said ECB President Christine Lagarde.

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