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.
Bitcoin is currently declining. BTCUSD is down 3.47%.