Sweden's central bank, the Riksbank, could have its own digital currency within five years, Riksbank Governor Stefan Ingves told Bloomberg. He also noted the concept of digital krona has set to enter a new post-cash era. Ingves believes that five years is a "reasonable target" for the country as the watchdog accelerates the development of its own tools to respond to an increasingly cashless world.
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It is expected that Sweden’s government will publish its own inquiry into the digital krona in November next year.
Sweden initiated testing of its own central bank digital currency (CBDC) in February last year. Once the e-krona is officially launched, it is expected to boost conventional payments as well as banking activities throughout the country. From that moment on, users will not have to use their credit/debit cards or fiat to make transactions, as all of them will be carried out through a blockchain.
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