European Central Bank moves towards introducing digital euro

(Niall Carson/PA)

The European Central Bank has taken a step closer to issuing a digital version of the euro currency shared by 19 countries, saying it has to be ready to launch digital money if a changing world requires it.

The bank issued a comprehensive report outlining why it might need to take the step. The ECB also said it would hold public consultations on the idea with citizens, academics and bankers.