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Cryptocurrencies

Sweden announces digital currency plan

Wednesday 14 November 2018 | 12:39 PM CET

Riksbank, Sweden’s central bank, has announced plans to test a digital currency called e-krona.

The e-krona initiative is being run as a pilot project to test the suitability of different digital currencies. The central bank has not taken a firm decision about whether a national e-krona launch might be a short- or long-term possibility, however it will use the project to ascertain how an e-krona could be best employed to provide the general public with access to a state-guaranteed means of payment.

The Riksbank initiative is driven by the decline in the use of cash and cash-based transactions in Sweden. In 2016, the ruling Social Democrats presented a plan to make Sweden the world’s first cashless society by 2030, according to Computer Weekly.

Moreover, Sweden’s banking and commercial sectors are supportive of Riksbank’s e-krona vision, albeit somewhat sceptical that the government can meet its 2030 cash-free target date. Sweden’s banks are universally supportive of the plan. Most bank branches in Sweden no longer provide an over-the-counter service for cash-based transactions to customers.

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