A Swedish Digital Currency is Necessary, Central Bank Governor Claims

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,

A Swedish Digital Currency Seems Viable

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.


JP Buntinx

Recent Posts

All That You Must Know About Forex Trading

The term forex is a mixture of the words foreign currency and exchange. Foreign exchange is the process of converting…

16 hours ago

Flare Finance’s ExFi Platform and New Partnerships

The past week saw some significant developments for Flare Finance. While it is poised to be the first DeFi platform…

6 days ago

Quasacoin (QUA) Listed on Uniswap, Quasa Conducts AIO on KickICO

Frankfurt, Germany, The QUASA platform is being created to solve the biggest problem facing humanity, namely to solve the problem…

2 weeks ago

Nugenesis NFT Platform to Manage NFT Risk

NFTs may be raking in thousands of dollars for investors so far but that doesn’t mean that there are no…

2 weeks ago

Motivational Movies for Those in Business

Running a business will demand a lot from you. It will be no walk in the park. Even after doing…

3 weeks ago

What You Need to Know About Automated Bitcoin Trading

Bitcoin is the most popular cryptocurrency by community support, asset value, and trading volume. This has made many investors interested…

3 weeks ago uses cookies to ensure the best experience for you.