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.
- 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.