Could Sweden become the next big crypto market?

27 Nov, 2018 | Updated: 27 Nov, 2018
by Joeri Cant
News
Could Sweden become the next big crypto market?

Sweden is on the verge of going completely cashless and it is predicted that the country will stop accepting cash by the end of 2025. But will a cashless society open the floodgates to cryptocurrencies?

According to CCN, the government is well aware that cash is disappearing from society and that this trend is irreversible.

'When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared. You can’t turn back time, but you do have to find a way to deal with change', Stefan Ingves, the governor of Riksbank, said.

In order to prevent the multitude of problems the total demise of cash would create, the Swedish government decided to develop the native cryptocurrency, the e-Krona. Businesses that accept digital payments of SEK would easily be able to accept payments with the e-Krona.

The government has encouraged the decline usage of cash in Sweden for many years, but did not expect the general population to move on from cash to more practical alternatives at such a rapid rate.

'We need to pause and think about whether this is good or bad, and not just sit back and let it happen If cash disappears, that would be a big change, with major implications for society and the economy', Mats Dillén, the head of a Swedish Parliament committee said.

However, the natural declining usage of cash in Sweden could translate into an increase in demand for decentralized cryptocurrencies.

Today, Sweden is a relatively small market for crypto, but that could all change once crypto secures awareness and adoption in Sweden.

If cryptocurrencies were to be supported by the government, Sweden could become the next big market for cryptocurrency users and investors.

What do you think? Could Sweden become the next big crypto market? Let us know in the poll.

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