A state-backed cryptocurrency is a cryptocurrency developed and run by the government of a single nation. The IMF head Christine Lagarde indicated that global central banks could come up with state-backed cryptocurrencyPilot.
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Sweden Officially Backs a CryptoCurrency and Establishes it as their Official Coin.
Sweden backs cryptocurrency. In Sweden and elsewhere they have already toyed with ways in which it can be used in their public services. Although early rumors suggested IOTA and Stellar were involved more recent news implies a departure from crypto. Lights go out which Swedens central bank Governor Stefan Ingves once mused would require a return to bank notes and coins.
Sweden officially backs a cryptocurrency Our North Korea independent tours are suitable for solo travellers families couples friends or for people who simply cant find group tour dates to match. Sweden in an unprecedented move just announced that they are officially adopting a KryptoPay. Many in the FinTech space believe the Blockchain a decentralized ledger which is the backbone of cryptocurrencies is the real game-changing innovation.
Riksbank began to plan its digital currency currently called e-krona in 2016. The sales of Swedens coin officially started July 15 of 2019 and currently these coins can be bought only from Kryptonex Research Group. The country is known to have friendly atmosphere towards the emerging asset class despite ambiguity in the sector.
In an interesting development Swedens central bank Riksbank declared that it intends to engage in testing a digital currency which is known as e-krona. Safello Acquires Bitcoinse Swedens Leading Cryptocurrency Portal. Already the poster child for advocates of a cashless society mostly thanks to Swedes embracing of digital payment apps and mobile banking it was almost inevitable that Sveriges Riksbank Swedens central bank would.
If successful it could be used for cross-border transactions and help lay the foundation for an e-krona for which the Riksbank is running its own pilot project. Traditionally cryptocurrencies are stateless and decentralized working across borders the idea being that no single entity controls the development of the cryptocurrency. The state-backed testing phase will run for a full year with judgments coming in February of 2021.
If successful the hope is that the nation continues to move away from cash and use e-Krona as part of a CBDC central bank digital currency. The use of cash is gradually witnessing a decline as rapid technological advancements in electronic payment systems continue to gain pace. For Swedish financiers it would be just another potential suck on their business to sit alongside Bitcoin and the emerging rivalry from big Silicon Valley firms.
This is not the first time that Sweden has looked into the matter. Crunchfish is running a pilot project with Swish Swedens biggest payment services provider. Sweden in an unprecedented move announced that they are officially adopting a certain cryptocurrency as Swedens official coin.
Sweden Officially Backs a CryptoCurrency and Establishes it as their Official Coin. Sep 25 2018 iCE³ Crypto KJ News 2 minutes. Swedish Crypto Exchange BTCX Plans IPO in 2020 One of the oldest cryptocurrency exchanges in Scandinavia wants to go public later this year hoping it will enable traditional investors to.
Among countries that are exploring the potential for state-backed cryptocurrencies Sweden is arguably the front runner. Sweden has begun testing e-Krona which could soon become the nations official cryptocurrency. A major worldwide government has just bestowed a huge vote of confidence and legitimacy on to the world of cryptocurrencies.
Swedish central bank Riksbank has commenced the testing of the worlds maiden central bank digital currency Swedish CBDC called the e-krona on Wednesday reported Reuters. However its not clear whether e-krona will be a cryptocurrency. STOCKHOLM March 29 2021 PRNewswire Swedish fintech Safello continues its growth journey and announces that it has acquired Rational Money AB the company behind Bitcoinse Swedens leading educational portal on cryptocurrencies.
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