Sweden’s Riksbank is the world’s first bank to start testing its own digital currency. Swedish Central Bank has long been planning to run a pilot project to develop its e-krona. However, only recently the bank has officially announced the launch of the project based on blockchain technology. The e-krona is a digital equivalent of the national currency which may become an alternative to cash in the near future. Meanwhile, the e-krona users will be able to store the it in a digital wallet, make deposits and withdrawals through a mobile app and even via smartwatch. At the moment, Sweden is the least cash-dependent country in the world. Almost everyone in Sweden prefers to pay with a mobile payment application instead of using banknotes and coins. According to the Bank for International Settlements, in 2018, there was only 1.4% of cash in circulation in Sweden. China is following the lead and is about to launch a digital version of the yuan as early as this year. Likewise, the US is also exploring the idea of creating its own blockchain-based electronic currency. Obviously, thanks to the advancement of blockchain technology, digital assets will soon become an integral part of our life.
