Sweden switches to digital currency

11:41 - 16.12.2020

December 16, Fineko/abc.az. Sweden intends to consider the possibility of switching to a digital equivalent of the national currency.

ABC.AZ reports with reference to Bloomberg that this was informed by Per Bolund, the Minister for Financial Markets & Consumer Rights.

The process of studying this possibility should be completed by the end of November 2022.

The country's central bank reported that less than 10% of all payments are made in cash in Sweden. Cash in circulation is only 1% of GDP, compared to 11% in the euro area.

By Elmir Murad

 

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