Sweden’s government will start exploring the feasibility of moving to a digital currency, a move that marks another step into a cashless society, reports Bloomberg. Financial markets minister Per Bolund said a review launched on Friday was expected to be completed by the end of November 2022.

  • Sweden is among the first countries in the world to consider introducing a digital currency. 
  • Sweden’s central bank is already running a pilot project with Accenture Plc to introduce an electronic krona based on the same blockchain technology that underpins digital currencies.
  • “It’s crucial that the digitalized payments market functions safely, and that it’s available to everybody”- Bolund.
  • In October, Riksbank estimated that Sweden’s cash usage dropped to its lowest level ever due to shifts from bank notes and coins during the pandemic, and now, less than 10% of all payments are cash-based.
  • In 2018, the Bank for International Settlements estimated that Sweden is the world’s most cashless society, measured as the usage percentage of gross domestic product. 

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