What you need to know about Sweden’s plans for a digital currency
Sweden has taken one step closer towards its own digital currency – the “e-krona”.
Published: 12 April 2021 07:41 CEST
A digital currency is not meant to replace cash in Sweden. Photo: Fredrik Sandberg/TT
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Utterly pointless. Blockchain is a solution looking for a problem. Prepaid debit cards would allow people without bank accounts to use existing cashless payment systems, without creating another one.
The difficulty of getting a PN is a separate issue and is a structural inequality in Sweden that should be fixed. But it’s too convenient for anti-immigration folks to use it as a way to make life difficult for non-Swedes.
Strongly suspect this is all so the Riksbank can stay hip with the dudebros by using blockchain, yah
I think the biggest point of using the blockchain here is to check whether ekrona that is being received was actually a valid token that was issued by the Riksbank and that it was acquired by the person before they send it off to somewhere else.
At the moment banks do give us a notion of being cashless, but these banks are probably also working under the cover with the flow of actual cash (which again, is checked physically, whether they were printed by the Riksbank).
I guess, as we do already have banks set up to handle our krona in digital form, we could expect the ekrona to replace what banks are currently doing under the hood with real krona bills?
I think I’m trying to say, don’t expose this ekrona thing to the general public, just have the banks manage everything! And to the general public, keep life the way it is now?
Thanks for your reply, Mark. As I finished reading, I wondered “how is this better than what already exists?” I don’t see the benefit for Sweden financially or to the Swedish economy. Agreed, re: structural inequality of obtaining a PN *and* agreed that as SD/anti-immigrant folks attempt to weaponize anything at their disposal (citizenship tests, for example) they seek to weaponize this, too.
So, I don’t see this as easier/safer to manage than what already exists, I don’t see it improving the wealth of Swedes in general or the nation as a whole and I *do* see its potential to be weaponized by darker political/social forces in the country. *And* I have to wonder 1) who specifically is pushing for this and 2) how will they particularly benefit from it?