The Sweden Central Bank has announced the intention of designing a digital state-issued cryptocurrency to satisfy the needs of those that still rely on cash to make their day to day spendings. This cryptocurrency would be adopted by people that have failed to adapt to a nearly cashless society according to statistics.
Sweden Central Bank Anticipation
The Sweden Central Bank (the Riksbank) has ordered the design and the testing of a new digital centralized official means of payment for the country to adopt in the future. This due to the growing tendency of the Sweden society of going cashless in the near future.
According to a report from Fortune, some banks have abandoned the use of cash already, and some stores are not accepting cash. This constitutes a great danger for the society, that needs an officially issued crypto asset to have a sovereign monetary policy. the people from the Riksbank commissioned these tests to avoid a possible future when credit card and private providers manage the whole pool of money in the country.
This pilot tests would be directed to male the central cryptocurrency an instrument to be used and leveraged for people that are unable to use other kinds of payment means because of their disabilities or age.
A Cashless Society
While the dream of a cashless society is just a great testament to the technology involved in today’s payment method, this is also a terrible problem for central banks that are accustomed to managing the cash flow into the economy with constant emissions.
There are sure some problems and infrastructure challenges to get to this, but in the earth, Sweden is the one country that is closer to achieve this goal. the issuance of a government official cryptocurrency has already been done before in Venezuela and Iran, with mixed results.
Official Virtual Currencies Examples
The Petro in Venezuela has been chosen by the government to be included in the pricing schema and salaries that would need to be paid in figures related to this crypto asset. But the truth is that they have also tried to get dollars trough it jumping hoops through sanctions.
Iran, a country that faces high international barriers and sanctions from the government of USA has also intended to launch its new cryptocurrency to evade these same sanctions and get funding in foreign currency.
This pilot program for the new currency could have all prepared for an e-krona as soon as in 2021.