More

    E-Krona Cryptocurrency: Sweden's Virtual Currency Tokens?

    While many “so called experts” keep harping on the fact that cryptocurrencies are destined to fail in the coming future, every day we see more and more evidence that not only are they here to stay, but their global adoption has already ensued. In a groundbreaking move by Sweden’s central bank (called Riksbank), we have found that the national bank is looking to work in conjunction with other international agencies to come up with its very own cryptocurrency.

    This news first entered the airwaves last month, but it is now official that the development of this alt-asset has already started. In an official release note, HSBC head James Pomeroy sent out an email to all of the company’s clients titled“Sweden’s big year: Can the economy overcome some challenges?”

    About the Swedish Economy

    Many people often tend to overlook this nordic nation, but Sweden has been consistently found to be one of the most economically stable countries within Europe for many years running now.

    To be more specific, we can see that Sweden has one of the “lowest cash usage rates across the globe”. In fact, the government actively dissuades people from using hard currencies, and as a result of this, the corruption rates within this country are amongst the lowest in the world.

    More About E-Krona

    With the country already making use of a widespread digital payment network, it makes sense that the nation’s central bank (Riksbank) is looking to adopt a cryptocurrency based payment model.

    As per our findings, we have found that Riksbank has been conducting widespread research into this domain, and has been at the forefront of discussions of “what a central bank issued cryptocurrency could look like”. E-Krona (the envisioned currency) is being designed to be used for everyday transactions, and will be available for use with even the smallest of purchases.

    It will be made to work via one of the two following models:

    • Value based mechanics
    • Register based system

    The value based system will resemble the model that is currently used by most fiat currencies. However, the register system will work differently, and will require the E-Krona to be stored in accounts, that will then be held within another localised database.

    What Are The Experts Saying?

    Ever since the announcement of this cryptocurrency, more and more people are waiting to see how the execution of such a novel technology pans out. According to HSBC head Mr Pomeroy “This venture could be quite a challenge, but over time it could be easier to adopt such a currency (especially with the help of the blockchain).”

    He goes on to add that “A Central Bank Cryptocurrency (CBCC) would use blockchain technology, whereas a non-blockchain solution would make the e-Krona a ‘deposited currency account’,”

    Other Similar News

    With the news of E-Krona spreading throughout the world like wildfire, even the Bank of England has released cryptic statements which suggest that it too, might be planning to release a cryptocurrency sometime this year.

    While there is no official word on such a release, a spokesperson from the bank has hinted that there is already research that is underway, and if things workout, there might be a government endorsed cryptocurrency released within the UK by the end of this year.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,371FansLike
    2,778FollowersFollow
    4,141FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Coinbase Upgrades Wallet App to Simplify Crypto Transactions In A Bid to Boost Adoption

    Coinbase exchange has announced an upgrade of its digital wallet in a bid to make crypto transactions much easier. According to a blog post...

    Bitcoin’s Correlation with S&P 500 Jumps to A New High, But So Does With Gold

    Bitcoin’s correlation with both equity market and precious metal climbs to an at all-time high Bitcoin busted the myth that it can’t be...

    Former Olympic Wrestler and UFC Fighter Ben Askren Promotes Bitcoin With Twitter Handle

    UFC fighter Ben Askren changes his twitter handle to ‘Bitcoin Halving May 13 in a bid to promote to the BTC community with halving...

    Ether Price Undervalued But The Fundamentals Are Not Looking Good

    After a bad March, ETH price seeing greens, MVRV Ratio says ETH undervalued While Bitcoin active addresses on the rise, Eth’s declining but...

    Microsoft Joins Blockchain for Social Impact Coalition Initiative For Virtual Earth Day Hackathon

    Microsoft is set to support the Blockchain for Social Impact Coalition (BSIC) program whose winners will be rewarded during the Global Virtual Earth...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.