It has been reported that the Swedish government, has started making moves toward becoming the first European country to have its own national digital currency— e-Krona. The central bank of Sweden, Riksbank is reportedly exploring various ways through which the country’s need for a complete cashless banking system could be achieved.
Swedish Central Bank and e-Koran
The cashless society in Sweden has been described as an already overgrown one. The cashless policy which was vigorously pushed by the Swedish Central Bank, Riksbank, has been greatly welcomed. It has been reported that a lot of banks in the country do not deal in cash any more. This has however created a problem for some group of people, who are still figuring out how most of the new technologies work. These groups include the elderly as well as the disabled.
e-koran – Would Help Maintain Financial System Stability
According to the central bank of Sweden, the introduction of a state-backed digital option— e-Koran, is quite pertinent for the country to maintain its financial system stability.
Based on a report, not everyone is a fan of this new development. Some group of people have expressed their disinterest and scepticism toward the actualization of the goals attached to the creation of e-Krona, but this has not slowed the bank’s push to develop it.
The bank has made it known that the e-Krona will initially be used along with FIAT, but as time goes on, it will become a primary financial instrument within Sweden.
Bank further stated that:
“There are currently groups in society that are encountering problems as cash use declines because they find it difficult to use digital payment solutions for one reason or another. Such groups include older people, people with disabilities or those who, for different reasons, do not have access to payment instruments other than cash. Since it cannot be expected that the private market fully caters for these groups, the state can choose to take greater responsibility for them.”