Sweden Leading the Way in the CBDC Sector – The First Country To Go Fully Digital?
The Swedish government is currently progressing with its central bank digital currency by launching a formal review of a potential digital transformation to the digital currency. According to a Bloomberg report published Dec 11, the review will explore the feasibility of moving the complete country’s payments infrastructure to a digital currency. Sweden features one of the most cashless economies in the world.
Per Bolund, financial markets minister of Sweden, reportedly said that the government expects to finish its digital currency review by the end of Nov 2022. Anna Kinberg Batra, a former chairwoman of the finance committee at Sweden’s central bank, would lead the initiative. Bolund emphasized that ensuring that the digital payments system in Sweden functions in a safe way and is “available to everybody” is crucial. “Depending on how a CBDC is designed and which technologies are being used, it can have large consequences for the financial system as a whole,” the minister said.