June 16, 2024

Bank of Sweden develops digital crown

Bank of Sweden develops digital crown

The head of the Bank of Sweden Stefan Ingves said that the cryptocurrency project Facebook Libra pushed the central bank to develop a national digital currency.

In light of recent events, Rigsbank has revisedhis attitude to money and the direction of further development, starting to work on a digital crown project. This also contributes to a large cash turnover.

According to Stefan Ingves, his job is to produce a product called Swedish krona, which should be convenient for the citizens of the country to use, and is key inThis is played by the technical component. Adding that if the Central Bank were to issue 20-pound coins, as it was in 1668, he would soon cease its activities.

The head of the Bank of Sweden also said that the emergencea new type of currency is an unprecedented event that occurs once every few centuries. Although he noted that so far most of the private sector’s monetary initiatives have ultimately failed.

In addition to Sweden, Facebook has pushed otherscountries to develop digital analogues of their currencies, in particular, the German government is considering launching a digital brand, and France has proposed the EU to create a digital euro.