Sweden plans to launch a national cryptocurrency to create the world’s first cashless economy

nRunaway Comment: HSBC Bank economist James Pomeroy in his book entitled “Sweden’s most important year: the Swedish economy can overcome these challenges? (Sweden’s big year: Can the economy overcome some challenges?) “Confirmed that the Bank of Sweden is currently considering seeking to launch a national cryptocurrency known as e-Krona within two years and to seek international cooperation for that purpose , Thus creating the world’s first cashless society.n
nTranslation: Clovern
Bank of Sweden, Riksbank, is considering striving to launch a national cryptocurrency known as e-Krona within two years.n
Given Sweden’s potential to be the world’s first cashless society, HSBC economist James Pomeroy wrote a paper entitled “Sweden’s most important year: Can the Swedish economy overcome these challenges? (Sweden’s big year: Can the economy overcome some challenges?) “, Confirming that the country is seeking international cooperation to develop an officially recognized cryptocurrency. The report wrote:n
n”According to the statement of the Bank of Sweden, the so-called” e-Krona “should be used for small purchases and be readily available to businesses, individuals and financial institutions.”n
nOver the years, the Swedish central bank has been at the forefront of monetary policy. Stefan Ingves, their president, also quickly pointed out:n
n”The first modern banknotes were born in Stockholm more than 350 years ago, and now in Sweden the banknotes are on the verge of death.Maybe, the Bank of Sweden will once again write history.”n
How to manage electronic crownsn
Presumably, the electronic krones can function in the same way as current cash does, storing values ​​in applications or cards instead of centralized databases or in a registry-based system storing the electronic kroner in an account In centralized management by a centralized database.n
Pomeroy wrote:n
n”This is more complicated, but in the long run, it may make the framework easier to scale and develop and most likely require blockchain.”n
nFor cryptocurrency fans, this system will be filled with interesting technologies and nuances. A key element of cryptocurrency provisioning is the ability to prevent cash from paying for the ongoing review, providing consumers with safeguards to let them know that their privacy will not be collected and sold by third parties to target them or potentially Customer / product.n
Contemporary privacy issuesn
The same problem arises in a cashless society, where every transaction is traced to detail, depicting the privacy of personal details and more. This is exactly what Bitcoin and other cryptocurrencies can make up. It provides the same level of anonymity achieved in cash-free society. HSBC economist James Pomeroy pointed out:n
n”The Bank of Sweden has published a number of research articles on this topic. Some believe that as cash usage continues to decline, the central bank may need to find another way to provide its people with access that can not be paid through intermediaries such as retail banks. “n
nFortunately, banks have come to realize that centralized intermediaries do not maximize the benefits of their customers and solve their data security problems. They also realize that unless they adapt to the rapid growth of the technology finance world, their future will be threatened.n

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