Sweden may bring forward launch of state digital token, the e-krona

26 Oct, 2018
by David Robb
News
Sweden may bring forward launch of state digital token, the e-krona

Last year, Sweden announced plans to launch a state-backed digital token, the e-krona. Now the government has released a second report calling for its release to be brought forward.

NewsBTC reports that the e-krona may be brought into take over from Sweden's national fiat currency sooner than expected, as the country moves increasingly towards a cashless society. A recent survey found that only 13% of Swedes paid for their latest purchase using cash, and many retailers now refuse to take cash payments.

According to a document issued by the national bank, the Riksbank, "If the marginalisation of cash continues a digital krona, an e‐krona, could ensure that the general public still has access to a state-guaranteed means of payment." Without this e-krona, much of the population could search for "means of payment" services provided by "private agents". 

It's unclear whether the state's central bank is looking to deter use of online payment services like PayPal or other existing cryptos, but the adoption of a state digital token could certainly go some way towards keeping funds in the national economy and away from private entities. Other countries have considered this option in the past, but few have gone as far as Sweden down this road.

Read more: UK government freezes plans to launch a gold-backed cryptocurrencyDash CEO says central bank digital currencies are the 'inevitable future'

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