The Swedish retail payment market is rapidly moving away from using cash. The outstanding value of cash in circulation has dropped to 1% of Swedish GDP. This development raises some crucial issues regarding the state’s role in the payment market.
For hundreds of years, the public has been offered central bank notes and coins. If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods. It would be a historical change without precedence. The central bank of Sweden, the Riksbank, is therefore investigating the potential consequences of this change, including how to design a central bank digital currency, called the e-krona. But what is the e-krona exactly?
Read More … Source: WeForum
Disclaimer: This section is a compilation of news, articles, updates and information (“Updates”) related to payments,fintech, banking and other industry. All Updates belong to the source provided after every such Update. FIAKS does not have and in no manner claims to have any intellectual property rights in the content, images, pdf, videos etc. in any of the Updates. This section has been created for knowledge sharing/education purposes for our smart FIAKS communities across the globe. We understand that the fair use of a copyrighted work or work protected under any intellectual property law, including such use by reproduction in copies or by any other means specified under applicable laws, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright. This section and our website may contain certain copyrighted or the work otherwise protected under any law that were not specifically authorised to be used by the copyright holder(s) or right holder(s) but which we believe in good faith are protected by the applicable laws and the fair use doctrine for one or more reasons noted above. If you have any specific concerns about this section or our website or our position on the fair use defence, please contact us at [email protected] so we can discuss amicably. Thank you.