Sweden is one of the most developed countries in the world, which has progressed in almost every single aspect and almost every single industry, which is why it is currently oriented in making even bigger steps further. Sweden’s progressive outlook on the future is something that keeps people being very innovative.
One of the biggest steps further is the electronic currency, which the country has introduced back in 2019. While there are many countries all over the world, willing to switch to electronic currency, so far Sweden is one of the most progressive with the biggest potential to accomplish the goal within the nearest future.
The introduction of Swedish electronic currency happened back in 2019. It has been clear that the goals and intentions are very serious especially since the Swedish Prime Minister issued the document with the so-called “To-Do List” in order to check the availability of implementing the e-currency and the readiness of the society.
Since the moment Bitcoin and other digital assets have been actively introduced to society, many businesses and people have adapted to the new reality. Many saw potential from the very first moment, while others saw another chance of making money, yet in the end, it turned out to be one of the best inventions which could actually be used in different industries by numerous countries.
The main benefit of cryptocurrencies is blockchain technology, which is one of the best and safest technologies for transactions as well as information exchanges in the world. This is something that many found the most interesting and tried to take after. Sweden did the same, and on the basis of original blockchain technology made its own electronic currency, which should become the official currency for the country by 2022. This approach to the digital economy also spilled over to neighbouring countries like Norway. But according to many, for all the wrong reasons.
The crypto assets and transactions are especially favored by online industries, in particular online casinos. Many reliable Norwegian online casino websites offer customers crypto payment options. This is very appealing for the players who value their privacy and don’t want to shine on with the gambling-related transactions in front of banks. Moreover, some online casinos even offer fully crypto services, based on blockchain technology, which is a whole new level in the online gambling industry. One more reason people prefer crypto over regular payment is that it is untraceable. Since the government has banned online gambling, crypto is the only possible option for gambling online without being noticed.
Questions about the readiness and the possibility of implementing digital currency in the whole country still exist, though if considering the number of businesses and the number of people who already use digital assets for trading and as daily use, the plan is very promising indeed. Many different industries are already very familiar with digital assets and crypto transactions. Some of the giant industries such as the financial and gambling sectors have already implemented digitals and blockchain to their platforms. This gives users the opportunity to make transactions with the highest security and anonymity if needed.
The new guidelines
Because of the existing questions regarding the compatibility of Sweden and Swedish people with its digital currency CBDC, e-krona, Sweden’s financial market minister, Per Bolund was the initiator of issuing the guide and document, which needs to be completed and reviewed by the end of 2022. The topics defined in the document include the feasibility of moving the country’s payments infrastructure to a digital currency. The country features one of the most cashless economies in the world.
The initiative issued by the finance ministry will be led by the former chairwomen of the financial committee at Sweden’s central Banks, Riksbank, Anna Kinberg Batra. There are some major reasons for issuing this document at this time of the year. Because of the ongoing global situation, many countries started thinking about the possibilities and the best ways put which would benefit the local economies the most. For Sweden, this could be a great opportunity.
Besides, the initiator, Bolund has not once fixed his position regarding the importance of the transfer to the digital payment system in the country. This is essential for the country to function in a safe way, but it is also very important that the new payment system is available to everyone and everywhere. There is no doubt that one way or another, the drastic change may lead to some consequences in the financial system, though depending on the system and the methods used, the consequences may be turned to be maximally positive.
Sweden has been named and acknowledged as a pioneer in the CBDC. The initial partner in releasing the pilot platform in 2019, was Sweden’s central bank with Irish professional services company Accenture. Riksbank launched its first e-krona pilots in February, claiming that the testing will be in operation until February 2021.
Despite the initial partnership, in October 2019, Riksbank Governor Stefan Ingves expressed his confidence and desire in launching e-krona exceptionally by the central bank and being recognized as the legal tender, though everything changed this year.
“Considering how economically important the issue is, the Riksbank cannot take the decision on its own as to whether an e-krona should be introduced and, if so, in what form. It is a decision that must have substantial political support.” For now, it has been decided that the central bank can not be the one and only issuer and determiner of the future of the e-krona and its implementation to the local market.