Bitcoin
$ 38,088
Ethereum
$ 2,321.1
Litecoin
$ 137.14
okex ads

Sweden Tests Moving to a Digital Currency

Sweden’s government will start exploring the feasibility of having the country move to a digital currency, marking another step into the unknown for the world’s most cashless society.

Per Bolund, financial markets minister, said a review launched on Friday is expected to be completed by the end of November in 2022. Anna Kinberg Batra, a former chairwoman of the Riksbank’s finance committee, will lead the inquiry.

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.

Governor Stefan Ingves said in October that any decision on whether to issue an e-krona needs to be taken at the political level.

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.”

“Depending on how a digital currency is designed and which technologies are used, it can have large consequences for the entire financial system,” he said.

The Riksbank estimated in October that Sweden’s cash usage dropped to its lowest level ever, as the pandemic accelerates the shift away from bank notes and coins. Less than 10% of all payments are made with cash in Sweden, according to the bank’s research.

The Bank for International Settlements estimated back in 2018 that Sweden is the world’s most cashless society, measured as usage as a percentage of gross domestic product.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

AFRICAN WEEKLY REVIEW
July 26, 2021By
India: WazirX Partners with TRM Labs to Detect Crypto Fraud Transactions
July 26, 2021By
Wyoming Authorities Officially Recognize the First DAO in the United States
July 26, 2021By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,088 1.84 % 11.60 % 19.32 %
Ethereum2,321.1 1.44 % 9.06 % 21.79 %
Tether0.9967 0.26 % 0.53 % 0.60 %
Binance Coin317.43 1.07 % 6.89 % 4.33 %
Cardano1.330 1.01 % 10.39 % 12.17 %
XRP0.6524 1.82 % 9.39 % 10.62 %
Dogecoin0.2205 1.14 % 13.75 % 19.62 %
USD Coin0.9975 0.33 % 0.04 % 0.76 %
Polkadot14.56 2.26 % 9.50 % 13.96 %
Binance USD0.9967 0.63 % 0.08 % 0.80 %

You have not selected any currencies to display