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Swedish central bank urges parliament to define currency, should include crypto

Legal

www.chepicap.com 30 April 2019 05:32, UTC
  
Reading time: ~2 m

Swedish central bank, Riksbank urges the parliament to clarify the legal definition of money, which would include cryptocurrency.

Due to the increased use of electronic payment systems in the country, the bank is now struggling with the diminishing responsibilities and roles in the society.

What they’ve been doing since 1850, which is ensuring the public can get access to the local currency, the Swedish Krona is no longer appropriate these days as many people have turned to credit/debit cards as well as other digital payment services, businesses no longer accept cash payment and banks has stopped offering bank notes for withdrawals.

“Cash issued by the Riksbank has been legal tender since the 1850s. Cash use has decreased rapidly in Sweden and a scenario within the not-too-distant future, in which cash is not generally accepted, can’t be ruled out,” the official statement wrote as quoted by Bloomberg.

Thus, the oldest central bank in the world expects the parliament to create a committee consists of all-round experts to review the concept of legal tender and redefine the role of central bank in a digitalized economy.

Given the topic, the committee would also include cryptocurrency in the discussion as it’s one of the hottest topics when it comes to digital currency.

Despite the unclarity, the Riksbank was reported to have been exploring about creating its own digital currency. The legislators, on the other hand, have only been trying to force local banks to use cash so far, an effort that doesn’t seem to succeed.

Would Riksbank's urging the parliament accelerate cryptocurrency adoption in Sweden?

Stick with Chepicap to find out.


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