November 30, 2023

Swedish Central Bank considers issuing its own digital currency

Sweden's Riksbank is considering the possibility of cooperation with the international consulting company Accentureto develop a test platform for the digital Swedish krona.

Unlike Switzerland, which sees the creation of a state stablecoin more disadvantages than advantages, Sweden begins to study the properties and technological capabilities of the digital crown.

Riksbank believes that the pilot project will expandknowledge of state cryptocurrencies and will give a clear understanding of how to maximize their potential. The Central Bank began to carefully study this issue, as in recent years the use of cash in the country has sharply decreased.

In October, Riksbank CEO Stefan Ingves called Libra stablecoin a “catalyst” for the digital transformation of global central banks.

In addition, in June, Sweden became a memberEuropean Blockchain Partnership, along with Italy and the Czech Republic, to share experiences and knowledge in the field of digital technologies for the development of the public and private sectors.