The Swedish central bank begins testing the first European cryptocurrency

Starting a cryptocurrency is no fun. Especially if the central bank attempts to do so, and the goal is to test how people accept it. Sweden is ideal for this experiment. This country is known for its unusual ratio of physical and digital transactions.

Only 20% of all payments in the country are made by cash. Credit / debit cards and mobile apps take care of the remaining 80%. Half of Swedish banks don’t even bother to keep cash in their vaults!

It has been whispered for a long time that Sweden will launch its own cryptocurrency – e-Krona. This country entered the European blockchain think tank a month ago. Accenture is developing a new cryptocurrency for Riksbank.

Finally, the European state cryptocurrency

If the experiment runs smoothly, Sweden will set an example for the rest of the world. The procedures it creates in the development and deployment of cryptocurrencies will follow the rest of the world. It is good to see that Europe is at the forefront of this development and we will not let China and the US overtake us.

The Swedish experiment will affect EU as well. The European Central Bank does not conceal its intentions to create Eurocoin, which could in future replace the classic digital euro and allow immediate transfers of money within the European Union.