We at FintekNews stress that our goal is to present a US slant on the fintech sector BUT every so often we feel the need to show what the rest of the world is up to. Sweden may be the first country in the world to issue a national digital currency. What caught our attention is that this comes from the oldest central bank in the world. Now THAT’S old embracing new.
Because of a dramatic drop in Swede’s use of cash in the domestic economy, the Riksbank (Sweden’s central bank) is strongly considering issuing a digital currency……..the e-krona……to replace paper money and coins. This is significant because, little known outside the Nordic region, the Riksbank was the very first to issue paper banknotes in the 1660’s. Just as it did over 300 years ago, the issuance of a new currency would be “radical” (to some) and would mark the second time the central bank of Sweden became the first major country to revolutionize money. The rest of the world is sure to follow.
Posted by Bill Taylor/CEO-FintekNews