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Riksbank Says Sweden Could Have a Digital Central Bank Currency in 5 Years: Report
Riksbank Governor Ingves said Sweden is entering a post-cash era.
Sweden’s top central banker, Stefan Ingves, said the country may have a central bank digital currency (CBDC) within five years.
STORY CONTINUES BELOW
Riksbank Governor Ingves revealed a timeline on Thursday for the adoption of a CBDC, the e-krona, explaining the country is entering a post-cash era, according to a Bloomberg report.
Ingves said the five-year estimate “is a reasonable target” and described the speed of the e-krona investigation as a “success” for Sweden.
The bank said its current e-krona pilot project is expected to be completed early next year and has given itself the end of 2026 to continue its investigation, said the publication.
In Europe, Sweden remains at the forefront when it comes to adopting digital payments, with the country considering the option of becoming a completely cashless society.
Read more: BOJ Wants to Set ‘Common Rules’ on CBDCs With Major Central Banks: Report
In 2020, the Riksbank reported it had seen Sweden’s cash usage drop to its lowest level ever, with the COVID-19 pandemic accelerating the shift away from traditional money.
The Riksbank will be publishing an inquiry into the e-krona in November 2022.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
