According to the Bloomberg report, Sweden’s government will start exploring the feasibility of having a digital currency, marking another step into the unknown for the world’s most cashless society. Per Bolund, the financial markets minister said a review launched on Friday is expected to be completed by the end of November in 2022. Anna Kinberg Batra, a former chairwoman of the Riksbank’s finance committee, will lead the inquiry. Central banks across countries are exploring CBDCs.
Sweden is considering to introduce a digital currency.
Sweden is among the first countries in the world to consider introducing a digital currency. Sweden’s central bank is already running a pilot project with Accenture Plc to introduce an electronic krona based on the same blockchain technology underpinning digital currencies like Bitcoin. In October, Governor Stefan Ingves said that any decision on whether to issue an e-krona needs to be taken at the political level. The financial market minister said that “it’s crucial that the digitalized payments market functions safely, and that it’s available to everybody.” He added that depending on how a digital currency is designed and which technologies are used could have large consequences for the entire financial system.
Central banks continue to explore digital currencies.
The People’s Bank of China (PBoC) has been working on the national digital currency for the last five to six years and is now very close to issuing it to the general public. Some smaller countries have already issued their national digital currency. As reported earlier, the Cayman island launched a national digital currency this year. Central banks of Canada, Japan, the Philippines, and many others are actively exploring CBDCs. Central banks worldwide are now actively exploring central bank digital currencies and making plans for real-world testing.
