Bank of Sweden urged parliament to legalize state cryptocurrency as a means of payment

Bank of Sweden

Bank of Sweden Governor Stefan Ingves called on the Swedish parliament to bet on the state cryptocurrency and consider the possibility of legalizing it as a means of payment.
As Stefan Ingves stated last week, “The state-owned cryptocurrency issued by the Bank of Sweden, the digital krona, must be recognized as legal tender.” In an economic note, Ingves insisted that the Swedish government “redefine the legal tender concept” as legalization of the e-krona is necessary to prepare the Bank of Sweden for a digital future.
He also said that the digital crown is needed to support the future operations of the Swedish Central Bank. According to Ingves, the Swedish population is moving away from cash in favor of digital payments faster than anyone else in the world. This prompts the country’s Central Bank to issue its own cryptocurrency as soon as possible. The chairman of the Central Bank called on the Swedish parliament and the government of the country to solve the problem of digitalization with the help of legislation.

“The Bank of Sweden has not yet made an official decision to issue an electronic krona. The decision to issue a state cryptocurrency requires a legal basis and political support, ”he said.

Recall that the Central Bank of Sweden began testing the first state cryptocurrency in Europe, e-Krona, in February this year. The aim of this initiative is to show that citizens can benefit from the use of the digital crown. In addition, over the summer, the Bank of Sweden examined the potential of four different government cryptocurrency models for the local market.