E-Krona, Sweden’s New Digital Money To Be Launched Soon

E-Krona is a kind of digital money that the national bank of Sweden, Riksbank, plans to launch very soon, as they have been playing around with the idea of using advanced cash, for quite some time now. These plans now seem to have gained momentum because, the administration fears that, as an answer to a cashless economy, the nation will shift to private operators. Their main concern is the possibility of administrations like Crypto and Paypal will occupy their space. This fear has accelerated the entire project in order to gain an edge over the opposition, the private operators.

Krona is the fiat currency of Sweden, and e-Krona will thus be its computerized form. A government report, published a year ago outlines the purpose of e-Krona and elaborated on what this new digital currency will resemble. The aim behind this was providing the citizens with a cashless choice of making payments if in case they required it. It will be used alongside physical money initially, but if the legislature’s plans are carried out correctly, e-Krona may become the official cash of Sweden, in the near future.

Though a considerable section of retailers is currently refusing to accept paper currency, and just about 13% of the Swedes have paid for their last buy with physical money. Converting entirely to e-Krona might solve and settle that issue, or it might just turn out to be immensely problematic for those individuals who are not yet using digital money, for various reasons. Likely to most fall into this category, often would be the elderly and persons with disabilities. However, the administration has yet released any clarification on how to deal with this issue.
A year ago, the government provided a report portraying what this new token would resemble. Right now, the reports express that the e-Krona will begin its pilot conspire in 2019 and that it will be executed in 2021. However, the tests may take additional time and are pending open endorsement.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.