Swedish government to discuss country’s transition to digital crown

Sweden to explore prospects for digital currency transfer of national payment infrastructure.

The government of the country, together with the financial committee of the Riksbank, began to analyze the possibility of switching to the digital crown. Sweden’s Financial Markets Minister Per Bolund said the study would last until November 2022. According to him, the chosen concept and technologies used can have a huge impact on the entire financial system of the country..

Riksbank data show that Due to the COVID-19 pandemic in October, cash use in Sweden fell to an all-time low of around 1% of GDP. Against the background of the reduction in the use of the physical krona in Sweden, in early 2020, the Central Bank, together with the consulting company Accenture, began testing its digital counterpart. The pilot project will run until February 2021.

Swedish government to discuss country's transition to digital crown

Swedish government to discuss countrys transition to digital crown

Avoiding cash will have a huge impact on the economy, so the Riksbank cannot make such decisions on its own..

text: Ivan Malichenko, photo: Getty Images

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