Central bank-backed digital currencies are now the new phenomenon as nations across the globe are vying to be the first country to launch them. Even though China is far ahead, this has not deterred other countries in trying to catch up and snatch the lead from them. In that regard, one European country considered as the most cashless country is now looking to adopt the CBDC in full scale.
According to a recent report, Sweden wants to transition totally into using digital currencies instead of cash for buying goods and services across the country. In the report that was compiled by Bloomberg, Per Bolund, the minister of financial markets has communicated that they are currently carrying out a research on the using digital currency across the country which will end in the latter parts of 2022.
Research on the digital currency will end in 2022
The reports from Bloomberg noted that Bolund highlighted the major features that the country wants the new digital currency to have. Some of its key functions include the availability of the digital currency to a wide range of people across the country while using it to carry out payments for digital services.
Also, Bolund noted that they want the new digital currency designed in such a way that it will not have any consequences on the financial sector of the economy but help it grow drastically. Another thing that Bolund mentioned is that the research will be carried out by the Central bank of the European nation.
This latest resolve to create a digital currency by Sweden is coming at a period where major countries across the globe are looking to research, develop and launch their digital currency. According to a recent survey by the Central Bank of Sweden, only one-tenth of the countries population carry out their transactions using cash. In the report, the Central Bank note that the major reason why most people shifted to digital payments was because of the coronavirus pandemic that ravaged the whole world at the beginning of the year.
Swedish central bank governor wants to make the e-krona a legal tender
The Central bank has said that to whet the appetite of the individuals asking for a digital payments system of the krona, it has decided to embark on the research to create the digital currency. Also, the Central bank said that it has already started its pilot program and it is billed to end around February next year. According to a statement by the governor of the Central bank of Sweden, Stefan Ingves, he wants the Central bank to develop the e-krona in such a way that it could be used as a legal tender across the country.
“The vision I have for the new payments system that will be used in Sweden is something that is not far fetched. I want the digital currency and the e-krona to act as a means of exchange which would all be issued by the Central bank,” the governor said. The governor said that he wants the Swedish population to be able to make real-time payments in the e-krona at any time that they want and also make smaller transactions with the digital currencies.
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