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Sweden considers launching digital currency

24 Nov, 2016 09:00 am

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.

@ Fotolia

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.

Read more on RT
Digital currency is set to have a major impact on financial transactions in world commerce in the not-so-distant future.
Explore the Trend: The blockchain, a technology with infinite potential.

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