Sweden Plans To Roll Out Crypto Krona In 2020

Sweden plans to roll out a crypto Krona as many of the world’s central banks jumped on the crypto train. In our latest altcoin news, we take a closer look at the new plan for the new digital asset.

The Swedish central bank wants to make a deal with the multinational professional services company Accenture to start the plot testing for its central bank digital currency, the e-krona. According to the reports, the new partnership is for an initial year-long run until the end of 2020. A statement from the Riksbank states:

 “The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona.”

The cash usage has already started declining in Sweden which is why Sweden plans to launch a crypto version of its national krona. The central bank of the country is now working on this plane since 2017. The Accenture partnership will involve the development of the payment platform with the user interface that will enable the e-krona transactions from cards and smartphones. There has also been no confirmation from the bank that the crypto krona will see any actual use but it is highly likely because of the given circumstances.

The industry observer Rhythm Trader linked crypto to the space race of our generation and it still maintained that bitcoin was the king of all crypto. Sweden has been extremely proactive towards the crypto assets than other regional countries and earlier this week the Swedish Financial supervisory Authority approved the Swiss crypto ETP provider Amun. According to the announcements, Amun is the first issuer that will deliver fully collateralized and passive investment products with cryptocurrencies as the base asset. The president of Amun Ms. Ophelia Snyder added:

 “Our mission is clear and that is to help investors more safely, cost-effectively and easily invest in crypto asset classes through our crypto ETPs. We recognize that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation.”

The company wants to expand in the future especially its product offerings of crypto-asset Exchange-traded products into EU countries. Sweden is also one of the latest countries with a growing list of central banks engaging in CBDC research and development.