Sweden Joins China and Others in Central Bank Crypto Race

[mlmdaily]

It seems that not a day goes by without another central bank jumping on the crypto train. Yesterday it was South Korea, today it is Sweden as plans to roll out the crypto krona gather pace. What do you think guys?

https://bitcoinist.com/sweden-prepares-to-pilot-crypto-krona/

[bL4nkcode]

It could be good for nothing related to bitcoin price, but I might say that's somewhat like good news. Though these central banks will do make their own digital currency backed with blockchain tech, and the question is, how is it for bitcoin.
There are lots of good news out there related to bitcoin but the price is somewhat stable on the 7k-6k range and doesn't eve want to move at all. Always a huge trade from whales do make the market move.

[avikz]

It seems that not a day goes by without another central bank jumping on the crypto train. Yesterday it was South Korea, today it is Sweden as plans to roll out the crypto krona gather pace. What do you think guys?

https://bitcoinist.com/sweden-prepares-to-pilot-crypto-krona/

It literally has no relation to the traditional crypto scene! What the countries ate planning, is a centralized digital currency where the control still remains with the central bank. If everything become online, it will be easier for the governments to trace money laundering activities and illegal transactions easier than ever! Cash still has a certain degree of anonymity, but with online monetary system, that anonymity will be gone and your finances will be wide open to the governments. This is the reason every government is now planning such things! Not just China, South Korea or Sweden, even BRICK countries are also pursuing this!

[Darker45]

It seems that not a day goes by without another central bank jumping on the crypto train. Yesterday it was South Korea, today it is Sweden as plans to roll out the crypto krona gather pace. What do you think guys?

https://bitcoinist.com/sweden-prepares-to-pilot-crypto-krona/

It literally has no relation to the traditional crypto scene! What the countries ate planning, is a centralized digital currency where the control still remains with the central bank. If everything become online, it will be easier for the governments to trace money laundering activities and illegal transactions easier than ever! Cash still has a certain degree of anonymity, but with online monetary system, that anonymity will be gone and your finances will be wide open to the governments. This is the reason every government is now planning such things! Not just China, South Korea or Sweden, even BRICK countries are also pursuing this!

That is why I am confused why people are trumpeting as good news or victory the so-called adoption of digital currencies by various countries. It seems to them that every time a central bank or a government is announcing their consideration or participation in the crypto technology by creating their own version of cryptocurrency it is a won round for cryptocurrency. I don't think it is. Every time a government declares that it will be creating its own cryptocurrency, it is a point less from Bitcoin and other existing decentralized coins. Every time a country jumps on the crypto train, the philosophy of crypto is erased a little.

[pooya87]

It seems that not a day goes by without another central bank jumping on the crypto train.

it depends on what this "crypto train" means.
so far what i have seen is that whoever jumps on board (specially when it is a bank) they are trying to develop their own centralized shitcoin. so there really isn't anything remotely interesting going on with their "jump on board" and definitely it has nothing to do with bitcoin.
this is the situation for now and will remain like this for a couple of more years. then as these centralized shitcoins fail one after another, all the while bitcoin keeps growing, they end up jumping back on bitcoin train...

[blckhawk]

Good in terms of cryptocurrency adoption, but not so much to Bitcoin. It might be even worse, since it's an added competitor to the space and might be an excuse/reason for governments to restrict Bitcoin usage when they would release their own cryptocurrency. But nothing's for sure, they could look at it good and consider it like the international currency, or deemed it obsolete due to uncontrollable illegal acts conducted through the network.

[TRONTON]

Good in terms of cryptocurrency adoption, but not so much to Bitcoin. It might be even worse, since it's an added competitor to the space and might be an excuse/reason for governments to restrict Bitcoin usage when they would release their own cryptocurrency. But nothing's for sure, they could look at it good and consider it like the international currency, or deemed it obsolete due to uncontrollable illegal acts conducted through the network.

I see it has become a necessity for them to move to use new technology. They obviously don't want to miss the train when Swedish citizens use crypto every day. Like limiting the circulation of bitcoin but in reality they are responding as an exchange provider even though they will remain focused on their crypto version. Many people disagree because this is not a form of decentralization, but this is the adoption that the government wants to show legally.

[samuraijin]

they are on the same rail just different trains and destinations only, they want to use their own blockchain technology and it will probably take a very long time like bitcoin and other crypto currencies do, I just wait for their failure and finally jump into our train with other bitcoin holders

[MuffinMaster]

Governments are just converting fiat into cryptocurrency that they can control and manipulate. Don't think these initiatives are  cryptocurrency and they will have any good impact on bitcoin price. Good example of this is XRP that is used by banks and is backed by a single institute.