The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Cash-Free Sweden Begins Testing World’s First Digital Currency for Everyday Banking

by Daily Hodl Staff
February 20, 2020
in Blockchain, Regulators

Sweden is attempting to work out the technical challenges of issuing a central bank backed digital currency for everyday banking activities. Riksbank announced on Wednesday that it is currently testing its e-krona. Although no launch date has been set, its release would make it the world’s first central bank digital currency (CBDC).

The e-krona is designed for everyday banking activities. Consumers would interface with the new digital currency through several methods: a mobile app, wearable tech, such as smart watches, and cards. The digital krona would allow people to make deposits, withdrawals and payments on the go.

According to the central bank’s official statement, the purpose of the pilot is for Riksbank to increase its knowledge of how a central bank-issued digital krona that utilizes digital ledger technology, aka blockchain, would operate and function in the general public.

“The technical solution will be evaluated in a test environment, in which participants, for example the general public and banks, are simulated.

There is currently no decision on issuing an e-krona, how an e-krona might be designed or what technology might be used. The main purpose of the pilot is for the Riksbank to increase its knowledge of a central bank digital krona.”

While the e-krona is being promoted as a complement to cash, and not a cash replacement, the Swedes have turned the country into the most cashless society in the world.

Riksbank says cash is in constant decline with transactions using banknotes shrinking to 13% in 2018.

“Swedes pay less and less frequently in cash and more and more shops and restaurants are no longer accepting it. The trend in Sweden differs from that in other countries. It means that some groups are finding it increasingly difficult to pay.”

Groups that are at a disadvantage include the elderly and people who are less tech-savvy or averse to smartphones.

A look at Sweden’s cash decline
Source: Riksbank

Riksbank says that the payment market in Sweden is being digitalized.

“It’s more common to pay by mobile phone app (Swish). Payments in the form of instant account-to-account transfers are increasing sharply. For this type of payment to be able to continue to grow, the infrastructure for payments needs to be modernized. Swish is the most common form of instant payment in Sweden.”

The e-krona pilot is slated to run through February of 2021.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Kaspars Grinvalds

Submit a Press Release

Industry Announcements

  • Binance Labs and BNB Chain Open New Founder-Focused Track To Incubate 100 Early-Stage Projects
    November 24, 2023
  • Socrates Launches Groundbreaking Social Media and Entertainment Platform for Web 3.0 Users Globally
    November 23, 2023
  • GCEX Receives Operational VASP License From Dubai’s Virtual Assets Regulatory Authority
    November 22, 2023
  • Yubo Ruan – Revolutionizing Web 3.0 With a Web 3.0 Super-App
    November 22, 2023
  • De.Fi Sold Out $5 Million Round, OKX, Binance and Coinbase Directors Among Investors – The Sale Is Still Open
    November 20, 2023
  • Sleek, the Web 3.0 Social Network, Raises $5 Million To Power the Ownership Economy
    November 17, 2023
  • Nocturne Launches on Mainnet To Bring Private Accounts to Ethereum
    November 15, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$37,241.98
$37,241.98
0.4%
Ethereum
$2,025.22
$2,025.22
0.16%
Cardano
$0.377425
$0.377425
0.99%
XRP
$0.604427
$0.604427
0.01%
Dogecoin
$0.077973
$0.077973
1.72%

Spotlight

  • Bloomberg Analyst Says Crypto at the Start of Upswing Which Will Last ‘Many Years’ – Here’s Why
    November 21, 2023
  • Macro Indicators Suggesting Bitcoin Rallies Just Getting Started, According to Ex-Goldman Sachs Executive
    November 21, 2023
  • Billionaire Ray Dalio Warns US at Inflection Point Where Enormous Debt Could Witness Acceleration – Here’s Why
    November 21, 2023
  • Crypto Analyst Calls for Ethereum To Massively Underperform Against Bitcoin, Says Now Is Not the Time for ETH
    November 21, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl