The European Central Bank has started exploration of using a digital version of the euro, beginning with a public consultation on Oct. 12. Developing an experimental version of a central bank digital currency (CBDC) coincides with the consultation, with a decision on whether to launch a concrete project coming in 2021. An electronic version of legal tender based on blockchain technology, a CBDC would provide more options for payments in countries where cash use is limited, as well as offer cheaper and faster cross-border payment options. According to ECB President Christine Lagarde, it is time to prepare for a transition into the digital age for the euro, should it be needed.