Signs read, “No cash payment in this store” is something that you see in many stores in Sweden.
As announced Sweden, will stop accept bills before 2025. Right now, many countries in Europe and around the world have stopped to exchange Swedish krone. However, there are numerous reasons for such behavior one of them are digital currency.
In 2018 Sweden central bank sad that the proportion of purchases in shops using cash dropped from about 40% to 13%. Now everyone in Sweden take cards or a mobile payment system to pay goods and services.
Riksbank announced a work on e-krona who are entering new phase. One-step closer to cashless society and right now a focus on the design of an e-krone. This ongoing international work on central bank digital currency has made a big step in pilot project, which tested and evaluated the technical possibility of Swedish CBDC. All tests and evaluation have been concluded.
Many countries in EU are preparing for CBDC that is why Sweden work parallel like EU digital euro. However, Sweden could have consequences regarding the fast development of EU digital euro that is why Riksbank choose to focus for requirements for issuing e-krona. Riksbank report of evaluation the condition for introducing an e-krone will be presented in spring this year. Testing, developing and evaluating of digital krone has been carried out in isolated IT environment where IT professionals tested the possibilities of off-line payments and streamline cross-currency payments.
Right now, the investigation pointing to law and amendment that are required to make legalization if Riksbank decide to issue an e-krone.