Sweden Begins Testing Blockchain Based Central Bank Digital Currency

Coming as a positive news in the cryptosphere, Sweden has started testing an e-krona, leading it quite proximate to an apt roll out of a central bank digital currency. Notably, the pilot program will be in action for a year, until February 2021.

The primary idea behind e-kronais that this blockchain-powered virtual currency would more efficiently facilitate payments and banking activities throughout thenation. Because of e-krona,all the transactions can move to the blockchain, instead of spendingfiatcurrency.

Central bank digital currencies are a highly discussed and speculated subject nowadays. Sweden is the2ndnationafter the Bahamasto divulgean allegedly true, working national virtualcurrency. The Bahamas initiated a central bank digital currency pilot program in the month of December last year and plans a full rollout sometime in the3rd quarter of this year.

Furthermore, China has also hinted that it is developing its own central bank digital currency. Nonetheless, the respective developments there so far are not as effective as in the Bahamas and Sweden.

Unveiling a central bank digital currency in Sweden would seem to fit existingpositive outlook of Swedishauthorities towards innovation and fintech. Sweden ishithertoone of the most cashlesscommunities on the planet. What is your opinion about the increasing penetration of blockchain in the banking and finance sector? Do you think that central bank digital currencies can one day replace the existing hard cash used by countries around the world?