Sweden is likely to convert a digital currency into the country’s national currency

According to the news agency BloombergThe Swedish government plans to soon consider the possibility of transferring the country’s trading system to a digital currency. Sweden has less cash than any other country, which is why economists often consider Sweden to be the country with the least cash. It seems that Sweden intends to take another step towards the elimination of cash.

Per BolandThe Swedish Minister for Financial Markets said some time ago that the process of reviewing the situation has begun by the Swedish government and is expected to be completed by November 2022 (November and December 1401). Anna Keinberg Batra‌ ‌ Former Chairman of the Board of the Riksbank Finance Committee has been appointed as the Swedish Government’s Chief Investigator.

Sweden is one of the first countries in the world to consider launching a new digital currency and using it as its official currency. The Bank of Sweden has recently started pilot projects in partnership with Accenture, through which it will offer an electronic version of the krone (Swedish currency) based on the same blockchain network as digital currencies such as Bitcoin.

Stephen IngozeIn October of this year, the head of the National Bank of Sweden said that any decision to issue an electronic krona (E-Krona) should be made at the political level.

Per Boland says that from Sweden’s current perspective, it is important that “digital payment markets operate securely” and be accessible to all. Depending on how the digital currency is designed and the technologies used, the use of digital currency “may have far-reaching consequences for the entire financial system,” Boland said.

In October 2020, the Swedish Riksbank estimated that cash use in Sweden was at an all-time low; Because the birth of Covid 19 has reduced the desire of people to use banknotes and coins. According to research conducted by the bank, less than 10% of all Swedish payments are made in cash. International Settlement Bank (BIS) estimated in 2018 that cash in Sweden was lower than in all other societies.

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The main image of the article shows the entrance to one of Sweden’s largest department stores, which reads: “Cash is not accepted in our store.”

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