Sweden has joined the likes of China, Turkey, and France to launch its central bank-issued digital currency. Earlier, South Korea announced to roll out a pilot project regarding its CBDC. The central bank of Sweden revealed that the use of has declined in the country over the last few years.
Sveriges Riksbank to test E-Krona
The central bank of Sweden, Sveriges Riksbank, announced on Friday that it would sign a deal with consultancy firm Accenture to create a pilot platform for digital currency. In a statement, the central bank said, “The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona.”
Cash use has declined in Sweden.
The central bank of Sweden revealed that the use of cash in the country over the last few years has decreased, and it is considering to issue a digital currency. Several central banks over the last few months have shown interest in centralized digital currency while maintaining a negative stance on decentralized cryptocurrencies like bitcoin.
China is leading the race as it is set to launch its digital yuan sometime next year. The US, Canada, Turkey are among other countries that are actively researching CBDC.
