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Private Banks to Manage Future Digital Euro Wallets, Transactions

Credit institutions and payment service providers will manage services associated with a digital euro issued by the European Central Bank, according to the bank's latest progress report on a retail digital currency.

The European Union is one of around 100 jurisdictions around the world that are considering issuing digital versions of sovereign currencies. The ECB's two-year investigation into a central bank digital currency (CBDC) will end in October 2023, after which EU leaders will decide whether to issue one.

(By Sandali Handagama)

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