Swedish Central Bank to launch its national digital currency

Posted 16 October, 2019

The head of the Central Bank of Sweden Stefan Ingves stated that the “important event” in the form of the launch of the Libra project pushed the country to reform the economy – in particular, a digital crown can be issued in Sweden during the year. The reason for the decision to activate in this direction was the announcement of Libra. Cryptocurrency from Mark Zuckerberg should appear on the market at the beginning of next year.

"It was an incredibly important event … Libra appeared unexpectedly, and it made us think about what we are doing." - said Ingves.

According to the head of the country's Central Bank, Sweden has long been ready for the transition to digital assets, since now only 35 percent use cash for settlements. Most of the population has bank accounts, but even plastic cards and payment systems cannot be so universal as to meet the needs of the population. According to the plan of the Central Bank, by 2030, Sweden will become a fully cashless country.

Rumors about the development of the digital crown appeared at the end of 2016. At that time, representatives of the Central Bank simply planned to make a universal payment system and tokenize the national currency.  Now the cryptocurrency industry has more opportunities, primarily aimed at the decentralization of transfers.

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