Sweden & Others Testing Their Own National Digital Currencies

Make no mistake, cryptocurrencies ARE here to stay. As countries continue to have their populace use less cash for daily transactions, even central banks are going digital. Everybody (I think) is aware China is working in that direction but not many know Sweden’s central bank (Riksbank) is way out ahead. For that matter, ALL countries are moving toward the crypto world BUT there are complications (gee, really?) and the article below describes several of them. In the meantime, hold bitcoin.
(Bill Taylor/CEO)

“The people of Sweden are breaking up with cash. The number of banknotes and coins in circulation has fallen to its lowest level in three decades. Riksbank, Sweden’s central bank, estimates that cash transactions made up only 15 percent of all retail transactions last year, down from 40 percent in 2010, thanks in large part to massively popular mobile payment services.

The situation has left Sweden’s central bankers wondering: should the country introduce a purely digital form of government-backed money? And if so, should it use technology similar to that underlying Bitcoin?

Central-bank-backed cryptocurrencies would be ironic indeed, given that Bitcoin was created as a way to circumvent the need for banks. Beyond that, the idea raises complicated questions about how such systems should be designed, built, and maintained, as well as how they could affect a country’s—or the entire planet’s—financial stability. That’s why Riksbank is hedging its bets, investigating not only distributed-ledger technology—which it describes as unproven but “progressing incredibly rapidly”—but also traditional, centralized accounting methods for its “e-krona” (pdf) project…”

Full Story at Technologyreview