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Sweden Reviewing Probable Switch To E-Krona

Sweden is reportedly investigating the positives and negatives of switching its economy to its e-krona cryptocurrency.

The Swedish government is continuing with its CBDC by instigating a formal analysis of a likely shift to the virtual currency.

Bloomberg Report About Sweden’s e-Krona CBDC

As per a Bloomberg report published recently, the review will try to find the viability of switching the nation’s payments infrastructure to a blockchain based cryptocurrency. It is to be noted that Sweden as a country features one of the most cashless economies around the globe.

Per Bolund, the country’s financial markets minister, purportedly mentioned that the government anticipates to finish the virtual asset review by the end of 2022. Furthermore, Anna Kinberg Batra, the ex-chairwoman of the finance committee at the central bank of Sweden, Riksbank, would head the initiative.

Bolund underscored that it is critical to warrant that the digital payments system in the nation works in a safe manner and is accessible to each person.  

The minister said,

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

Earlier in the month of October, Stefan Ingves, the Governor of Riksbank voiced poise that an e-krona should be initiated by the central bank and acknowledged as legal tender. Last year, Ingves mentioned that the Central Bank of Sweden can’t be the only establishment to pick the future of an CBDC implementation.

What do you think about the above development? Let us know in the comments below!

Image by Dima Burakov from Pixabay