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Unconfirmed reports suggest Sweden to launch its own cryptocurrency along with IOTA [MIOTA]- e-Krona

Nishchay Pushpad

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Riksbank Central Bank of Sweden to issue its own cryptocurrency
Source: Wikimedia Commons

After the launch of Petro-Venezuela’s own state-backed e-currency, Sweden has come up with its decision to launch its own cryptocurrency E-Krona to compete with Private cryptocurrencies in the global market. Since many countries are exploring the potential for state-backed cryptocurrencies and Sweden is undoubtedly on the front.

As Sweden turns into a cashless society, the Swedish central bank, Riksbank believes that there should be an alternative for people who wish to access cash for any of their requirements. Sveriges Riksbank has planned the e-krona as a digital currency equivalent to the country’s regular currency to bring in use for small transactions between consumers, companies and the authorities.

OTA is a public distributed ledger that uses “Tangle”, a directed acyclic graph based data structure which has no Blocks, no Chain, and no Miners. So, each participant has to actively participate in the consensus of the network to make a transaction.

The central bank has a clear approach to the project that the money will be stored in a database and the value can be accessed through an app or a card; Anti-money laundering, adherence to KYC rules, security and anonymity has to given major consideration.

The project leader of e-Krona, Eva Julin said that the central bank finalized IOTA for the project after negotiations with 19 companies.

IOTA news Twitter account reads:



“#Sweden may be among one of the first countries to implement a national #cryptocurrency with #IOTA. But before the Nordic nation goes full cashless, the riksbank stressed several issues that a national #cryptocurrency would have to address! “

Bank of International Settlements [BIS] has shown concerns towards the Central Bank saying that this might risk the stability of the global financial systems by jumping on the Bitcoin bandwagon and launching their own digital currency in an effort to destroy competition from rivals from outside the official sphere and in turn will create a significant threat to the financial system.

Sweden is in its initial stage of E-Krona project which is expected to be complete in 2019.





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Altcoins

Rabobank announces plans to drop its crypto-project

Sarvesh Kumar

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Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,



“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.





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