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Sweden Takes Another Step Toward a Digital Currency

by CBDC Insider
December 15, 2020
in Business, Europe
Reading Time: 2min read
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Sweden Takes Another Step Toward a Digital Currency
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Sweden is moving closer to eliminating cash entirely from its society. The country announced a review last week to study the possibility of introducing a digital currency issued by its central bank. Anna Kinberg Batra, a former chairwoman of the Riksbank’s finance committee, will lead the inquiry, which is expected to end in November 2022.

The review is the latest in a series of steps taken by Sweden in recent years to remove cash from its economy. Back in February, it launched a pilot project with consulting firm Accenture plc (ACN) as a technology partner to simulate the workings of an e-krona in its daily economy in an “isolated test environment.” The Riksbank, Sweden’s central bank, has also issued a series of papers and studies in the past five years discussing the role that a digital currency administered by it could play in society.

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  • The Swedish government announced a review to study the possibility of introducing a digital currency by its central bank.
  • The review is the latest in a series of steps that the country has taken in recent times to study the effect a central bank digital currency (CBDC) might have on its economy.
  • Cash usage in Sweden is less than 10%; hence, the country is ideally suited to become the world’s first cashless society.

Read more: https://www.investopedia.com/sweden-takes-another-step-toward-a-digital-currency-5092069

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