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.

By Tanzeel Akhtar

Dec 11, 2020 at 3:08 p.m. UTC

Updated Sep 14, 2021 at 10:41 a.m. UTC

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Tanzeel Akhtar

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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.

Also read: E-Krona or Bust, Says Sweden’s Chief Central Banker, Trying to Drag Swedish Govt Into Digital Age

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