The European Central Bank (ECB) is looking into introducing a digital euro and plans to start trialing the idea from the middle of this month, dpa reported. "Europeans are increasingly turning to digital in the ways they spend, save and invest," ECB President Christine Lagarde said in a statement on Friday. "Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise," said the head of the 19-member currency bloc's central bank. A digital euro would be similar to a bitcoin, but it would be subject to oversight, unlike cryptocurrencies. Digital currencies use technology known as block chains, made up of blocks or files that carry transaction data. A euro based on this system would exist in an electronic form and be available for online transactions. The ECB said such a digital currency would be accessible to all citizens and firms, describing the money as "like banknotes, but in a digital form." The idea is that it would complement cash, rather than replace it.