It has been rumored for some time now how some countries will go cashless. Swedish officials want to take this one step further by creating a national digital currency.
More details regarding this potential venture were outlined by the Swedish Central Bank Governor this week,
This individual sees a bright future ahead for creating a Swedish digital currency.
Prior to achieving this goal, however, a lot of conditions must be met to make this concept even remotely viable.
This digital currency will work differently from cash, as it will be available 24/7 and be usable for payments around the country and online.
Secondly, the current regulation in Sweden regarding legal tender will need to revised to accommodate digital currencies.
It also seems the plan is to focus strongly on cross-border transactions, even though that would require significant cooperation from other nations.
Perhaps the most interesting aspect is how no one will be able to obtain this digital currency without verifying their identity.
It appears there will be dedicated digital IDs to be created for this specific purpose in an effort to thwart money laundering.
While some see this as a final move to make Sweden cashless, the Central bank Governor wants to keep cash in place as it is today.
There is always a genuine chance this digital currency project will fail completely, for a wide variety of reasons.
Despite outlining these guidelines, it will take several more years until such a currency can effectively be created.
Such plans are not new either, as other countries mull launching similar initiatives in the years to come.
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