Sweden Considering Whether to Switch to the E-Krona: Report
Sweden's central bank has begun to study the feasibility of moving the country to a digital currency.
Sweden’s government is considering the adoption of a central bank digital currency, the e-krona, according to a Bloomberg report.
- Sweden’s financial markets minister, Per Bolund, said the Riksbank finance committee has launched a review into the prospects of moving the country to a digital currency, a study that will be completed in November 2022, according to the report.
- “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,” warned Bolund.
- As reported by CoinDesk in October, Sweden’s central banker Stefan Ingves has been pushing to go all-in on sovereign digital currency and fully adopt the e-krona.
- The Riksbank governor has called on the Swedish Parliament to do the same. Ingves has stressed the decision to issue an e-krona needs to be made at a political level.
- Currently, Sweden’s central bank is running an e-krona pilot project with Accenture Plc using distributed ledger technology.
- The Riksbank reports it has seen Sweden’s cash usage drop to its lowest level ever with the COVID-19 pandemic accelerating the shift away from traditional money.
- If the plan to become a cashless society goes ahead it would make Sweden one of the first countries in the world to fully adopt a digital currency.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.