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Sweden Closer to E-Krona powered by IOTA
Editorial Team

The idea of issuing national cryptocurrencies is under consideration by many different nations, with Venezuela becoming the first country to release to the market a state-issued virtual currency. Sweden could be the second, as the country has the intention to launch a cryptocurrency known as E-Krona to compete with other crypto coins in the market.

Sweden’s intention is to move towards a cashless society. Already, young generations have embedded electronic payments into their everyday lives. Riksbank, the Swedish Central Bank, believes that the state-issued cryptocurrency should be equivalent to the national currency, but to be used for small transactions between consumers, companies and authorities.

IOTA, on the other hand, is one of the prominent cryptocurrencies that uses a distributed ledger technology named Tangle and does not have blocks, chain or miners. In this way, participants must actively participate in the network consensus in order to make transactions.

The Swedish Central Bank is considered to have a clear approach towards KYC and AML policies, which are important topics surrounding cryptocurrencies.

On March 30, the Twitter account Iota News commented about this possibility:

#Sweden may be among one of the first countries to implement a national cryptocurrency with #IOTA. But before the Nordic nation goes full cashless, the Riksbank stressed several issues that a national #cryptocurrency would have to address!”

At the same time, Eva Julin, the project leader of the new E-Krona cryptocurrency, revealed the decision of the central bank to use IOTA for this project. Furthermore, collaboration and negotiations with other 19 companies are in place to have everything ready. Obviously, it is estimated that the project would be ready and working in 2019.