Sweden will release its own cryptocurrency

Central Bank’s President Stefan Ingves called the Libra project “an important event” that pushed the country to reform the economy.

Sweden is exploring the possibility of issuing digital kroons within a year, Central Bank’s Head Stefan Ingves said. According to him, the Facebook Libra project served as an incentive for economic reform.

“It was an incredibly important event … Libra appeared unexpectedly, and it made us think about what we are doing” – said Stefan Ingves.

Another reason Ingves called a sharp reduction in the use of cash in Sweden. Many stores in the country do not accept physical bills and coins, with some retailers displaying signs that shoppers are not allowed to pay in cash.

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After the presentation of the Libra project by Facebook, several countries announced similar developments at once. The Central Bank of China announced its proximity to the launch of its own digital currency. The Swiss National Bank said it was exploring the possibility of using virtual money in trading last week.

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