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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