Sweden to investigate “transition to digital currency”

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The Swedish government will start exploring possibilities for the transition to digital money. Sweden, which has the lowest cash usage in the world, has taken another step towards being known with the move in question.
Swedish Financial Markets Minister Per Bolund said an assessment launched on Friday is expected to be completed by the end of November 2022. Anna Kinberg Batra, former head of Riksbank’s finance committee, will lead the research.

Sweden’s central bank, one of the countries to consider the transition to digital currencies at the earliest, is currently running a pilot project with Accenture Plc for an electronic crown based on the same blockchain technology that supports ditijal currencies such as Bitcoin.

In a statement in October, Swedish Central Bank Governor Stefan Ingves stressed that any decision to issue an e-crown must be taken at the political level.

Bolund said in a statement that from the government’s perspective, it is critical that the digital payments market functions securely and be accessible to all. “Depending on how digital money is designed and what technologies are used, it can have huge consequences for the entire financial system,” Bolund said in his assessment. said.

Cash usage in Sweden declined to historically low levels, according to Riksbank’s forecast in October. The distancing of the public from banknotes and coins due to the pandemic plays a big role in this. According to the bank’s research, less than 10 percent of all payments made in Sweden are used in cash.

The Bank for International Settlements (BIS) estimates for 2018 that Sweden is the world’s most cashless society.

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