France, July 11 -- 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. Lawmakers back the plan

A European Parliament committee had already given its green light but that approval was challenged and there was a call for an assembly vote. An overwhelming majority of lawmakers approved establishing a digital euro.

ECB President Christine Lagarde applauded the vote.

The EU believes a digital eu...