Sweden wanted to give up cash

The Swedish authorities wanted to abandon the use of cash in the country and began to develop a digital analog of the national currency — the krona writes Bloomberg.

European Finance Minister Per Bolund announced the start of a large-scale study, which should be completed by November 2022. The result should be the emergence of a digital crown.

This is not the first time the Swedish authorities have paid attention to the development of a digital currency. The local central bank, formally independent of the government, is already conducting a corresponding experiment in conjunction with the international consulting company Accenture.

In 2020, the use of cash in has dropped to historically low levels. They account for less than 10 percent of all payments in the country. Calculated as a share of national GDP, this is the lowest result in the world at the moment.

Earlier, financial authorities of several countries, including France, Russia, and the European Union, took the initiative to develop a digital national currency. The head of the European Central Bank Christine Lagarde said that the digital euro could help develop the financial system and serve as a reliable means of payment in case of disasters.

So far, there is no single definition of digital currency in the world. Most countries, including Russia, regard it as an official means of payment, equivalent to non-cash money, using electronic wallets.

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