Sweden Considering Whether to Switch to the E-Krona: Report

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