Sweden to decide on digital currency by 2022

Sweden to decide on digital currency by 2022

  • Sweden will explore the possibility of issuing digital currency by 2022

  • Country Records Record Drop in Cash Use

  • The key factor of digitalization is the coronavirus pandemic

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The Swedish authorities will study the issue of launching the national digital currency and will present the results of the research on the topic by November 2022

Sweden to decide on digital currency by 2022

The Swedish government will consider the option of switching the country to a digital version of the national currency. Bloomberg writes about it with reference to the Minister of Finance of Sweden Per Bolund.

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The study on the launch of the digital currency, initiated on Friday, will be completed by the end of November 2022, the minister said. The initiative will be overseen by Anna Kienberg Batra, former Chairman of the Finance Committee of the Central Bank of Sweden.

Step into the unknown

Sweden has long been in the process of digitizing its economy. The country’s central bank is actively piloting the digital crown based on blockchain technology.

Stefan Ingves, chairman of the Bank of Sweden, previously said that any decision to issue an e-krona should be made exclusively at the political level. At the same time, the Minister of Finance of Sweden emphasizes that the digital payments market must function as securely and accessible to all.

Sweden to decide on digital currency by 2022

“Depending on how the digital currency is designed and what technologies are used, this could have serious implications for the entire financial system,” Bolund said..

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In October, the Bank of Sweden found that the country’s cash use had fallen to its lowest level on record. Coronavirus pandemic is key to reducing cash use.

The inevitability of a sovereign digital currency was previously announced by the outgoing head of a large American bank Citibank, Michael Corbat. According to Korbat, a sovereign digital currency is “inevitable”, but the speed of such an asset’s emergence directly depends on the nature of such a currency..

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