Sweden: A Future of Blockchain

Sweden's Minister of Finance (centre), Magdalena Andersson.

Sweden, and by extension the larger Scandinavian community, has long been seen as a beacon of political stability, economic fortitude, and the future of a socialised system. Its mix of social democratic principles and liberal economics has proved fruitful for the country. It also receives recognition as one of the leading countries in terms of average citizens’ access to healthcare, education, and other such human necessities. Adding to its accolades, Sweden has been building itself as a hub of blockchain enhancement and innovation.

Sweden and blockchain

Sweden, amongst the most environmentally friendly countries in the world, has committed itself to achieve a cashless society in the near future. The country has also endeavoured to create a digital version of its fiat currency, called the E-Krona.

Reuters reported in February 2020 that the country had started its yearlong test run of this new digital currency. It will incorporate distributed ledger technology based in blockchain. The Riksbank hopes the e-currency will serve as an effective alternative to the fiat Krona. Sweden plans for distribution, withdrawal, and payment in the e-currency to enter the country’s general financial scheme.

Consultancy EU further reports that international consulting firm Accenture will be at the forefront of the E-Krona’s development. Accenture is amongst the firms leading the global drive for central bank digital currency. It is thus the ideal candidate to be Sweden’s consultant in this sphere.

Europe’s relationship with blockchain

The developments in Sweden follow from fellow EU countries increasing cryptocurrency measures in recent years. EU countries such as Ireland, France, Italy, and Portugal have all become cryptocurrency investment hubs. More and more legislation is rolling out in the respective EU-countries in a bid to regulate, control, and protect digital asset transactions in the economic region.

A master of innovation and enhancement, Sweden will surely lead the way for other countries developing their own digital currencies.

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Raïs Tarek 57 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.