Sweden Explores Moving to a Digital Currency

Sweden is among the first countries in the world to consider introducing a digital currency. Its central bank is already running a pilot project with Accenture Plc. to introduce an electronic krona based on the same blockchain technology that underpins digital currencies like Bitcoin.

Sweden’s minister for financial markets Per Bolund announced that a study exploring the prospects of the country using digital currency is underway and it will likely be completed in November 2022, according to a Bloomberg report.

From the point of view of the government, Bolund said that “it’s crucial that the digitalized payments market functions safely, and that it’s available to everybody.”

The research is spearheaded by the country’s central bank, the Riksbank.

The cashless trend grew even stronger as the pandemic expedited the shift to digital payments, said the central bank. Sweden’s digital currency initiative comes as the trend towards digital payments accelerates. The Riksbank reported in October that less than one-tenth of all payments in the country were made in cash — the lowest level in Sweden’s history.

In keeping with the population’s demand for cashless payments, the Riksbank launched a pilot project with Accenture to design an electronic krona or e-krona based on digital ledger technology that can work as a complement to cash. The pilot is expected to end in February 2021.

Cashless payments along with digital currency are increasing day by day.

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