Swedish Central Bank announces the start of testing its own cryptocurrency

The Swedish Central Bank begins testing Europe's first state-owned cryptocurrency. The purpose of thisinitiatives - show that citizens can benefit from the use of electronic crown.

Sweden's central bank this week announcedthe beginning of testing the first state cryptocurrency in the EU. For several years now, Sweden has been leading the transition to cashless payments among developed countries. More than half of Swedish banks don't even store cash in their vaults. Most payments are made through credit and debit cards or mobile payment apps.

Now the Central Bank of Sweden wants to analyze whetherThe country with the least dependence on cash in the world to effectively implement state cryptocurrency. Testing Sweden's e-Krona cryptocurrency is expected to be a pilot test for other developed countries in the West. e-Krona is being developed by Accenture, a consulting firm that will conduct preliminary tests of cryptocurrency in an isolated test network.

Swedish citizens make 80% of their paymentsby bank transfer. Of the Swedish GDP, only 1% exists in the form of physical money, so it should be easy for citizens to accept the concept of state cryptocurrency.

Let us remind you that this week the Central Bank of Brazilalso announced plans to launch its own digital payment system PIX. The Central Bank of Japan, apparently, is also seriously thinking about issuing its own cryptocurrency. Recently, a Japanese lawmaker called for the release of a state-owned cryptocurrency in the next 2-3 years.

In addition, representatives of the ruling partyJapan has called on G7 members to respond to plans to launch a Chinese digital yuan by collaborating on research into crypto assets. Last month, the Bank of Japan joined a new group of central banks to explore government-owned cryptocurrencies and also said it could issue a digital currency if there is widespread demand.

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