Sweden may become the first country to adopt a digital currency as financial transactions become increasingly digitised and fewer people use traditional notes and coins.
Sweden, which became the first country to create a central bank and issue paper currency in the 17th Century, may now once again be in the vanguard of a new financial era as it decides whether or not to adopt a digital currency, dubbed the e-krona, which could go online in two years.
Swedish officials are deciding whether the currency would require an app, a type of electronic card, or another system to make transactions. Also at issue is whether the currency would use a blockchain-style centralised ledger platform.
Sweden's decision to consider creating the e-krona follows statements made by central bank officials from the United Kingdom and Canada about the benefits and risks offered by bitcoin and other digital currencies.