The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT, July 14 (Reuters) – The European Central Bank gave the green light on Wednesday to a multi-year project to create a digital version of the euro. read more

An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet that euro zone citizens can keep at the ECB.

It is part of a drive by central banks to meet growing demand for electronic means of payment and tackle a boom in private sector digital currencies from bitcoin to Facebook’s (FB.O) proposed Diem. read more

Here’s what we know so far:

WHAT IS A DIGITAL EURO?

It will be a means of payment that gives holders a claim against the ECB – like banknotes and coins, but in digital format.

It will probably resemble an online bank account or digital wallet held directly at the ECB rather than at a commercial…

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