Sweden Tests CBDC

The development of the Central Bank digital currency is one of the most popular topics at present. A number of countries are already actively developing CBDC, and Sweden is not far behind: the country has begun testing e-Krona. The pilot program will last until February 2021.

Sweden is already considered to be one of the most non-cash countries in the world. The implementation of CBDC in Sweden fits perfectly into the current way of life: in Swedish cafes you can see signs that indicate that they do not accept cash there. Even children in Sweden use cash very seldom, paying for ice cream and sweets. At local flea markets people also do payments not by cash.

Sweden is expected to become a completely non-cash country by 2023. Banks will reduce the cost of maintaining ATMs, and should also help reduce the number of thefts and frauds.

It is also worth mentioning that in December 2019, the Bahamas introduced a functioning national cryptocurrency and launched it in a pilot mode. A full launch of the digital currency is scheduled for the second half of 2020. A number of states are also developing in this area.

Image courtesy of Bitcoin Exchange Guide