Sweden's Central Bank Considers Digital Currency Use
Sweden's central bank is now considering the possibility of issuing its own digital currency, though the exact technology it will use is yet to be determined. As profiled in The Financial Times today, Riksbank said it is facing pressure to make the switch following a decline in domestic cash use. (According to the report, the amount of notes in circulation has declined 40% since 2009). Cecilia Skingsley, deputy governor at the Riksbank, said the bank is currently considering the tradeoffs of various technologies. Though she did not mention blockchain specifically, the FT cited the....
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The Central Bank of Sweden has announced plans to introduce its own digital currency in the next two years. The growing popularity of Bitcoin and its benefits has got the central banks across the world considering the pros and cons of implementing a digital version of their respective fiat currencies. None of the countries have so far come up with a solid plan, except for Sweden. The National Bank of Sweden — Sveriges Riksbank has earlier today announced its intention to launch Ekron, a digital currency as the country’s legal tender in the next two years. The plans to launch the digital....
Sweden's central bank has begun to study the feasibility of moving the country to a digital currency.
Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank. Central Bank Sees CBDC as Tool to ‘Fight Crypto’ Juda Agung, an assistant governor of Bank Indonesia, the country’s central bank, talked about cryptocurrency and central bank digital currency (CBDC) during his parliamentary “fit....
One of the most notable features of cryptocurrency is its ability to enable instant cross-border payments, which has attracted a widening number of territories so far. Around 105 countries have tapped the technology, with some currently in the final stages of launching their Central Bank Digital Currency (CBDCs), like China. Others, like Sweden and Israel, […]
An intervention by the Central bank of Kazakhstan would help stabilize matters a bit, although it would be quite a challenge to rebuild trust in the Tenge after three iterations of devaluing the currency. Moreover, consumers are not putting their trust in the Central Bank either, as the financial trouble has been putting a lot of negative attention on the financial institution. By the look of things, various central banks in the world are on the verge of issuing their digital currency. Whether or not this approach will put the concept of digital currency on the radar of consumers, remains....