Several countries have alluded to the possibility of issuing their Central Bank Digital Currency with Sweden becoming the latest to join the race. According to reports, the Swedish government is going forward with its CBDC following the launch of a formal review of risks and consequences of a possible transition into the e-Krona CBDC.
The Swedish government is launching a review exploring the possibility of transitioning into a CBDC according to Bloomberg. Sweden is looking to transition into e-Krona CBDC despite the country having the most cashless payment system globally. Per Bolund, the country’s financial markets minister said that they expect to complete the CBDC review by November 2022. Former Swedish central bank, Riksbank’s financial committee chairperson, Anna Kinberg Batra will lead the review initiative.
Bolund said that it is vital to ensure that the country’s digital payment system is working safely and is accessible to everyone. The minister added that digital currencies can have huge implications on the financial system depending on how they are designed and the tech they use.