Sweden to Create Digital Equivalent of Currency, Bloomberg Reports

Swedish authorities plan to move away from the use of cash in the country. According to Bloomberg, practical steps have already been taken in this direction, with specialists beginning to develop a digital equivalent of the national currency, the krona.

The article notes that this Scandinavian country has recently recorded the lowest cash circulation rate in the world. Specifically, less than 10 percent of the total payments made in the country are conducted in cash.

In this regard, Finance Minister Per Bolund issued a statement announcing the launch of a large-scale study, which is scheduled to be completed in November 2022. The outcome will be the creation of a digital krona.

It is important to highlight that this is not the first time Swedish authorities have focused on the creation of a digital currency. Notably, the COVID-19 pandemic that has affected the entire world has compelled the authorities to act more swiftly.