November 17, 2018 00:01:16
Bitseven.com - A couple of days ago the central bank of Sweden Riksbank announced the test launch of the first digital currency e-krona in the country. The rumors about it already started 2 years ago, but only now the bank specialists had the opportunity to make all the development progress a reality. If they could accomplish all the plans they have in mind then Sweden will be the first country in the world whose central Bank issued a digital asset backed up to the national currency.
There’s an interesting fact worth mentioning. In the second half of the 18th century the same Riksbank became the first banking institution in the world to issue paper notes. The head of the bank Cecilia Skingsley commented on this matter:
“This is truly a revolutionary step. The history from three hundred years ago is repeating. We were always supporting the technological progress. If our own digital asset can make the lives of our citizens more simple then why not start using it actively?”
At this stage it is not known whether the launch of e-krona will be short or long-term. Everything will depend on the results of the experiment. If any problems will arise the project will probably be issued for revision.
The initiative of Riksbank is based on the fact that Sweden is gradually starting to refuse cash money. Year by year the number of cash transactions is getting lower and lower. It is expected that in 2030 the country will fully switch to the no-cash payments.