February 4, 2023

Swedish Central Bank to launch national digital currency E-krona

Swedish Central Bank to launch national digital currency E-krona

The Central Bank of Sweden has announced plans to launch its own digital currency e-krona, which will provide safer, faster methods of conducting financial transactions.

Sweden Central Bank Governor Stefan Niels Magnus Ingves outlined several related issues. Most of them will be in the field of exploitation.

It is anticipated that the digital currency will be available around the clock 24/7 and will require a review of existing legal tender regulations.

In addition, proper monitoring and adoptioncan only be executed if digital currencies are used for transactions between countries. Sweden will have to simplify international trade using electronic crowns.

It is important to note that no one will be able to owne-crown on condition of anonymity. To achieve this goal, the country has created special digital identifiers that completely eliminate fraud and money laundering. Therefore, anyone who decides to commit a fraudulent transaction will do so to their own detriment, as each transaction will be monitored.

Some experts see in this initiativecompletion of the transition of Sweden to cashless payments. We can say with confidence that the country will not rush to develop a digital currency, trying to find the optimal solution.