EU lawmakers on Thursday backed kickstarting negotiations on creating a digital version of the euro, as the European Union races to introduce the currency.

The digital euro would be an electronic form of central bank money, backed directly by the European Central Bank (ECB) and accessible via a digital wallet, intended to work alongside cash and existing bank accounts rather than replace them.

The project has been years in the making but the EU first needs to agree on the legal framework underpinning the virtual currency before it is available for use.

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