Sweden Explores Moving to a Digital Currency

[passwordnow]

Are those countries that have implemented digital payments are not considered to be the first countries that have adopted to have their digital currency. They have digital transactions and moved it there, that's just my question and one country that has adopted digital transaction is China.
They're one of the first to adopt the payment transactions held in digital. And I don't see this as a competitor for bitcoin. The payment processors or digital currencies from the government can't be compared to bitcoin nor said as a competitor because bitcoin is going far from it as a digital currency that's based in fiat or local currency.

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[vaultman]

Sounds like another Swedish experiment. In general, they love to experiment with the population. But in general, I think this will be a good experience and new knowledge, on the basis of which one can draw appropriate conclusions about the use of cryptocurrencies by the population. Again, I repeat, everything is heading towards the popularization of cryptocurrencies, there is no getting away from this. The price of cryptocurrencies will rise, and the cryptocurrencies themselves will be used in many areas of our daily life.

[exstasie]

I don't get why people get so hyped over this stuff when clearly it'll detract away from decentralisation as a founding principle of cryptos.

Because price. If blockchains get hyped (and especially if CBDCs become interoperable with liquid cryptocurrencies) there is obviously going to be some spill over into decentralized coins. Everybody knows fiat money (CBDC) is not an investment. Bitcoin and altcoins, quite the opposite.

The more that governments intervene in this field and create their own cryptos, the less attention BTC is likely to get; since even though BTC is still a far better long term store of value, the medium of exchange properties of both are the same.

Bitcoin has the potential to be much more universally used than most fiat currencies.

Global reserve? That's a long shot. But there is lots of middle ground in between here and there.

[magneto]

I don't get why people get so hyped over this stuff when clearly it'll detract away from decentralisation as a founding principle of cryptos.

Because price. If blockchains get hyped (and especially if CBDCs become interoperable with liquid cryptocurrencies) there is obviously going to be some spill over into decentralized coins. Everybody knows fiat money (CBDC) is not an investment. Bitcoin and altcoins, quite the opposite.

True, and I guess that price will be affected whether we like it or not - and whether markets are rational or not, in terms of their excitement.

I don't necessarily agree with your statement that everyone knows that CBDCs are an investment, though. A lot of people saw Petro as an investment opportunity and got absolutely ripped off.

Whilst Sweden and other developed countries are likely to release a pure currency, a lot of smaller economies can and probably will issue more shady tokens that represent a stake in resources and/or the economy that has a promise of yield, in order to attract FPIs.

[Xinarae*]

It is a very good decision of the people of Sweden to digital currency. Towards crypto their country will prosper and people will improve towards the use of crypto currency. This digital currency features similar features but it also allows for instant transactions and borderless transfer of ownership of virtual currency and cryptocurrency. Even the central bank issues digital currency to improve them. The look of the future technology and the new digital technology will be merged in this way.

[shield132]

Before everyone starts circlejerking all over how great this is for bitcoin, you should recognize that such a system would be a competitor to bitcoin, not necessarily enhancing bitcoin value. It's built on the promise of digital currencies and blockchain generally, not bitcoin specifically, though bitcoin has demonstrated the use-case invariably.  I don't know that it would bring any tangible benefit to bitcoin specifically, but I think it would bring further legitimacy to digital currencies as a whole, of which bitcoin could potentially be a beneficiary in some capacity, though how much specifically would be hard to gauge.

And what's wrong with it if there is a project that could be a competitor for bitcoin? I even think that it's great, competitiveness is great and we shouldn't just stick with bitcoin. If there is something "better", why to stick with "good"? And if there is something "the best", then why to stick with "better"? Nothing to say about "good".
But in this case I wouldn't say that their currency is "better" and bitcoin is "good". I am against any currency that's created and owned by the government, it makes no sense for me. It's just a cryptographic form of their fiat but is far from bitcoin and similar cryptocurrencies, where the currency is decentralized and everyone is their own bank.

[jaysabi]

Sounds like another Swedish experiment. In general, they love to experiment with the population. But in general, I think this will be a good experience and new knowledge, on the basis of which one can draw appropriate conclusions about the use of cryptocurrencies by the population. Again, I repeat, everything is heading towards the popularization of cryptocurrencies, there is no getting away from this. The price of cryptocurrencies will rise, and the cryptocurrencies themselves will be used in many areas of our daily life.

The Nordic countries in general are fond of social and economic experiments.  I thought Sweden also tried universal basic income, but it turns out it was their neighbor Finland.  Even though they didn't expand it after a two year pilot program, at least they're trying innovative things that have the potential to make a difference.  In the United States, you couldn't get a program like this even on a trial basis to study the effects because republicans would foam at the mouth and soil themselves with rage because something something socialism.

[exstasie]

Because price. If blockchains get hyped (and especially if CBDCs become interoperable with liquid cryptocurrencies) there is obviously going to be some spill over into decentralized coins. Everybody knows fiat money (CBDC) is not an investment. Bitcoin and altcoins, quite the opposite.

True, and I guess that price will be affected whether we like it or not - and whether markets are rational or not, in terms of their excitement.

I don't necessarily agree with your statement that everyone knows that CBDCs are an investment, though. A lot of people saw Petro as an investment opportunity and got absolutely ripped off.

Who invested in the Petro?

Everyone was terrified to touch it because of the implications of US sanctions violations. As I remember it, none of the Petro's issuance could be verified as external investment. It was essentially a fake news event put on by the Venezuelan government.

Plus it wasn't a CBDC. It was a token pegged to oil production, which lends itself more so to investment than a fiat currency.

[ven7net]

Sweden's government will start exploring the feasibility of having the country move to a digital currency. The country expects the review to be completed by the end of November 2022.  Sweden is among the first countries in the world to consider introducing a digital currency, where it's central bank already runs a pilot project to introduce an electronica krona based on blockchain technology. 

Before everyone starts circlejerking all over how great this is for bitcoin, you should recognize that such a system would be a competitor to bitcoin, not necessarily enhancing bitcoin value. It's built on the promise of digital currencies and blockchain generally, not bitcoin specifically, though bitcoin has demonstrated the use-case invariably.  I don't know that it would bring any tangible benefit to bitcoin specifically, but I think it would bring further legitimacy to digital currencies as a whole, of which bitcoin could potentially be a beneficiary in some capacity, though how much specifically would be hard to gauge.

Source:  https://www.bloomberg.com/news/articles/2020-12-11/sweden-explores-the-feasibility-of-moving-to-a-digital-currency

It should be admitted that the monetary system has fallen into decay and a new system awaits us. Cryptocurrency may well become its basis in the future, but one should not hope that the same BTC will be a type of standard for all cryptocurrencies, in this case I mean state cryptocurrencies. By itself, BTC can be a crypto asset on an equal footing, for example, with gold, but state-owned cryptocurrencies will certainly be in priority. And here the main role is played by the blockchain technology itself, which has a number of advantages, both for storing information, and for distribution and accounting. Many countries are already working on creating their own cryptocurrency, which means sooner or later we will see the recognition of cryptocurrencies at the state level all over the world.

[jaysabi]

Before everyone starts circlejerking all over how great this is for bitcoin, you should recognize that such a system would be a competitor to bitcoin, not necessarily enhancing bitcoin value. It's built on the promise of digital currencies and blockchain generally, not bitcoin specifically, though bitcoin has demonstrated the use-case invariably.  I don't know that it would bring any tangible benefit to bitcoin specifically, but I think it would bring further legitimacy to digital currencies as a whole, of which bitcoin could potentially be a beneficiary in some capacity, though how much specifically would be hard to gauge.

And what's wrong with it if there is a project that could be a competitor for bitcoin? I even think that it's great, competitiveness is great and we shouldn't just stick with bitcoin. If there is something "better", why to stick with "good"? And if there is something "the best", then why to stick with "better"? Nothing to say about "good".
But in this case I wouldn't say that their currency is "better" and bitcoin is "good". I am against any currency that's created and owned by the government, it makes no sense for me. It's just a cryptographic form of their fiat but is far from bitcoin and similar cryptocurrencies, where the currency is decentralized and everyone is their own bank.

I'm not a bitcoin homer myself, but I think people like us are in the vast minority on these message boards.  I'm interested in the technology, I'm not interested in having cryptocurrency overthrow the world order and become extremely valuable because fiat has collapsed and brought about the predictable social, political, and economic unrest that would invariably accompany it.  However, most people on this board only care about getting "rich" off crypto no matter what that entails, and god save your soul if you have a legitimate criticism of anything crypto.  A lot of the maximalists here really can't handle anything other than total agreement with their desire to have crypto overthrow fiat.

[posi]

The Swedish government has been on talk about moving total digital payment and i thought they will be the first country to create digital currency then before the Chinese government but they seem not to be serious about the issue. However, I think the movement and awareness cryptocurrency gain now make them to believe in the future of digital currency.
With that been said, the currency they are planning to create won't be a competitor to Bitcoin.

[TimeTeller]

The Swedish government has been on talk about moving total digital payment and i thought they will be the first country to create digital currency then before the Chinese government but they seem not to be serious about the issue. However, I think the movement and awareness cryptocurrency gain now make them to believe in the future of digital currency.
With that been said, the currency they are planning to create won't be a competitor to Bitcoin.

Definitely, not a competitor of bitcoin because it is centralized.
Anyway, I believe that if this will push thru, this will also pave the way for their people to look into bitcoin.
Since they will be having digital currency, why not take a look at cryptocurrencies?
And if they will educate themselves, they will know the benefits of using btc and other alts as compared to centralized coin.
So for me, in some way, it may drive crypto adoption as well.

[stompix]

Before everyone starts circlejerking all over how great this is for bitcoin, you should recognize that such a system would be a competitor to bitcoin, not necessarily enhancing bitcoin value.

Appreciating the effort of mentioning this but you should have made this the first phrase...or maybe the title )

This is good news for the bitcoin, crypto and blockchain community. This is a project that has been idealizing since 2019. Sweden, considered one of the largest economies in the world, begins to test cashless with its own e-currency.

This is good for bitcoin! Actually, everything is good for bitcoin, the sunset, the sunrise, the waves, the dogs barking, an undersea tunnel in Feroe being completed, everything is good for ..making two lines without reading more than one.  And Sweden is not one of the "largest" economies by far, ranked 23 and 1/8 that of Germany.

The good part is, if nations start to use blockchain technology that would make things a lot better, obviously politicians are as corrupt as it comes in many nations of the world so they will not want blockchain tech, where one nation shares where all the taxes are going, whereas a corrupt nation can't do that so they will postpone this as long as possible.

And you think an open ledger would change this?
You can always ask and you can always find out how much a mayor or a council has paid for x and y around here, that doesn't change one thing, corruption is not about hiding expenses or running with suitcases full of money, it has evolved in contracts, overpriced stuff, and of course the always amazing lobby.
Just because you are going to know where the money is going doesn't mean you can decide it was spent good or bad, a simple database won't bring down corruption, they will find a hundred ways of avoiding this if needed.

And what's wrong with it if there is a project that could be a competitor for bitcoin? I even think that it's great, competitiveness is great and we shouldn't just stick with bitcoin. If there is something "better", why to stick with "good"? And if there is something "the best", then why to stick with "better"? Nothing to say about "good".

Competition is good in an open economy, competition when one of the parties holds the legislative and executive power in that country it's no competition, it will just be a bloodless fight. If any government sees bitcoin as completion it will not make a better bitcoin, it will outlaw it, and with CDBCs, everything will go way smoother. When you let an authority choose what's better most of the time is the worse of the two for everybody.

[posi]

The Swedish government has been on talk about moving total digital payment and i thought they will be the first country to create digital currency then before the Chinese government but they seem not to be serious about the issue. However, I think the movement and awareness cryptocurrency gain now make them to believe in the future of digital currency.
With that been said, the currency they are planning to create won't be a competitor to Bitcoin.

Anyway, I believe that if this will push thru, this will also pave the way for their people to look into bitcoin.
Since they will be having digital currency, why not take a look at cryptocurrencies?
And if they will educate themselves, they will know the benefits of using btc and other alts as compared to centralized coin.

Let me tell you this expensive truth brah, the government have look into cryptocurrency and blockchain ever since the International Monetary Fund (IMF) advised and also told them digital currency is the way to prevent inflation, increase employment and sustainable economic growth but they just dont like decentralization of cryptocurrency.

So for me, in some way, it may drive crypto adoption as well.

It may and may not if the government that did not support cryptocurrency don't implement crypto restrictions rules to their citizens just like the Chinese government.

[ufaiz50]

That's nice to hear such news like a certain country who manage to look at cryptocurrency as a potential to be used as a digital currency. Well a lot of good things happened in cryptocurrency this 2020 let's hope that this will continue next year.

[Twentyonepaylots]

This is bound to happen, surely someone somewhere will see a potential on cryptocurrency and will do their best to emulate its success. Now the thing here is it may nlt hugely affect bitcoin and other preexisting cryptocurrency on the market, especially the decentralized ones. Because of course, they do not have anything to do with these since their reach is worldwide.

That's nice to hear such news like a certain country who manage to look at cryptocurrency as a potential to be used as a digital currency. Well a lot of good things happened in cryptocurrency this 2020 let's hope that this will continue next year.

cryptocurrency industry that is, draw a line of distinction. Good news for Sweden might not mean good news immediately for cryptocurrency, and they are just running a feasibility test, they're trying to check its viability, if all goes well, then we got ourselves a new centralized cryptocurrency first of its kind to be regulated by a gpvernment. If it fails then it's a step towards the future of money.

[sapnu]

That's nice to hear such news like a certain country who manage to look at cryptocurrency as a potential to be used as a digital currency. Well a lot of good things happened in cryptocurrency this 2020 let's hope that this will continue next year.

I guess the year does not only bring bad news and crisis. Look at how the market shocks us with the price of bitcoin as of now, reaching its all-time high value. And this news is indeed a good one. I hope that every country will now acknowledge the nature and the use of bitcoin. Maybe as of now, they can see that bitcoin is not a scam, its a person or project that scams people, that is why before investing or doing what you do to earn money is that you need to be well-informed about everything first, there are things that you need to consider before doing that.

[RealMalatesta]

Of course, an economically successful nation would try it out first because they do have a small drop that they could handle if things go bad, I was expecting it from Germany though, they are known to be both amazingly good at economics plus they are incredible at technology as well, combine that two together and they would have done some amazing digital currency that could be used everywhere, I am not sure how long it will take but I am sure eventually they will go there as well.

Hopefully many more nations like Sweden, Germany, Norway, Finland, New Zealand, Netherlands and so forth will join this type of deal because the more nations that does this the more smaller and worse economy nations will follow them up as well in order to take advantage of the crypto world.

[iv4n]

Of course, an economically successful nation would try it out first because they do have a small drop that they could handle if things go bad, I was expecting it from Germany though, they are known to be both amazingly good at economics plus they are incredible at technology as well, combine that two together and they would have done some amazing digital currency that could be used everywhere, I am not sure how long it will take but I am sure eventually they will go there as well.

Hopefully many more nations like Sweden, Germany, Norway, Finland, New Zealand, Netherlands and so forth will join this type of deal because the more nations that does this the more smaller and worse economy nations will follow them up as well in order to take advantage of the crypto world.

Everything you said is true, mentioned nations are successful economically, socially… and like it's happened in the past, these countries will be the first when it comes to adopting new technologies! Of course all others will follow, eventually, like it always happen! Some will be faster, some will be slow, but it will spread...
Except moving to digital currencies, switching to electric vehicles is also one of the big changes around! Countries are trying to reduce their carbon emissions and help tackle climate changes! And again we have Netherlands, Norway and Sweden on the top of the list!
I think it will take time for the entire world to embrace digital payments and electric cars, but that will happen!

[lixer]

Smart nations will realize that going digital will help them a lot, smarter nations will realize blockchain is the way to go there and nothing else. I understand that you could move to digital currency without using blockchain and that will be just server backed thing, but I think that is not the smartest way to do it, when you use blockchain instead you are getting so much more and you are also getting your nation to another step in technological evolution as well.

Sweden is a smart nation, they will find the best way to do this and they will definitely check out blockchain as a government as well, this is one of the nations with best healthcare and happiest people in the world, I doubt that there could be anything that would specifically ruin their economy just because they are looking into this.