The Swedish government will begin to investigate the possibility of moving the country to a digital currency and mark another step into the unknown for the world’s most cashless society.
Per Bolund, Minister of Financial Markets, said that a review that began on Friday is expected to be completed by the end of November 2022. Anna Kinberg Batra, a former chair of the Riksbank’s Finance Committee, will lead the investigation.
Sweden is among the first countries in the world to consider introducing a digital currency. Its central bank is already running a pilot project with Accenture Plcto to introduce an electronic krona based on the same blockchain technology that forms the basis for digital currencies such as Bitcoin.
Governor Stefan Ingves said in October that all decisions to issue an e-krona must be made at the political level.
From the government’s point of view, Bolund said that “it is crucial that the digital payment market works safely and that it is accessible to all.”
“Depending on how a digital currency is designed and what technology is used, it can have major consequences for the entire financial system,” he said.
In October, the Riksbank estimated that Sweden’s cash use fell to its lowest level ever, as the pandemic accelerated the shift from banknotes and coins. Less than 10% of all payments are made in cash in Sweden, according to the bank’s survey.
Already in 2018, the Bank for International Settlements estimated that Sweden is the world’s most cashless society, measured as a percentage of gross domestic product. /
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