The Nordic countries, and Sweden in particular, have for several years now been the world’s leading countries in the progressive suppression of physical money, embracing the so-called “cashless society”.

A step beyond this society is not only to handle electronic money exclusively via debit/credit cards and similar, but also to adopt crypto-currency as the official means of payment. And this is serious, because Sweden has beaten the ECB itself to it, and has already announced the first pilot test in Europe of a sovereign digital currency, the e-Crown.

Royal palace Sweden

 

Sweden, which is already so prone to the use of e-money, has surprising figures, such as only 1% of the country’s money circulating as cash, and surveys among retailers suggest that by 2025 half of all businesses will no longer accept “cash” as a means of payment. Indeed, Sweden seems to be the ideal use case to pioneer the launch of Europe’s first sovereign crypto-currency. A sovereign crypto currency is indeed seen there as a potential way to give back to the citizens (as a whole in a democratic country) the power over their finances and over their economy, taking it away from the banks and the big financial institutions.

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