The central bank of Sweden starts testing its CBCD E-Krona
Sweden can be the first in the world to operate a Central Digital Currency, this is very exciting for a country with about 10 million inhabitants. Already on Wednesday, the Swedish Riksbank started testing the digital currency,
The e-Krona can be used for, digital purchases, withdrawals, mobile payment, and so you can make extracts from a digital wallet. Used via mobile app and make deposits.
The aim of the project is to according to the Swedish Riksbank is for the general use of the people.
Since January there has been contacting with banks in the UK, Japan, Switzerland and within the EU zone, coming together to evaluate the digital currency.
Central Bank Digital Currency is common traditional money but in digital form. The differences are that it is controlled by a Central bank unlike other cryptocurrency currencies such as Bitcoin produced by complex mathematical formulas, where it is not controlled by a central bank.
There is a sharp reduction in the use of money in paper form. These alternative forms of digital currencies have started to become popular, such as Facebook Libra which influences other central banks to start using their own digital currencies.
Making payments in the e-Krona will be as simple as sending a text, the Riksbank said on their website.
Sweden is one of the countries heading towards being a cashless society which makes it easy for the country to test how it can work, people use less of the money they print.
The Riksbank has said that they have not yet issued a final decision to issue the e-Kronan, which is currently under development, which is quite isolated project.