{"id":244243,"date":"2019-12-14T10:55:54","date_gmt":"2019-12-14T15:55:54","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=244243"},"modified":"2020-03-25T06:54:15","modified_gmt":"2020-03-25T10:54:15","slug":"sweden-piles-on-to-the-crypto-arms-race-joins-china-and-other-countries","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sweden-piles-on-to-the-crypto-arms-race-joins-china-and-other-countries","title":{"rendered":"Sweden Piles On To The Crypto Arms Race, Joins China and Other Countries"},"content":{"rendered":"

As the proverbial arms race steadily starts to speed up in the crypto industry, more and more central banks are pushing for a centralized cryptocurrency. Yesterday, South Korea made headlines for doing it, but now Sweden has taken over<\/a> the day\u2019s news.<\/p>\n

Ready To Start the Pilot<\/h2>\n

As it stands now, the Swedish central bank is ready to sign a deal with Accenture, a multinational professional services firm. Through this deal, the country will initiate the pilot testing of its e-krona, the CBDC. Reports claim that the partnership will initially only run for a year, ending at the end of 2020.<\/p>\n

Riksbank gave a public statement about the matter. The firm explained that the e-krona\u2019s pilot project\u2019s primary objective is the further the bank\u2019s understanding of the e-krona\u2019s technological potential.<\/p>\n

Declining Demands of Cash<\/h2>\n

The Scandinavian country has already started to experience an overall decline in cash usage, something that served as motivation for Sweden\u2019s central bank. According to the Swedish blog aksjebloggen<\/a>, the central bank has been investigating a digital alternative since the year of 2017<\/p>\n

The partnership with the Accenture firm will focus on a payment platform\u2019s development that incorporates a user interface (UI). This UI will enable transactions to be done with e-krona and will be available on both cards and smartphones. Although there has been no direct confirmation that the e-krona will be fully developed, the likelihood of that happening is very high.<\/p>\n

The Crypto \u201cSpace Race\u201d<\/h2>\n

Rhythm Trader, an industry observer, likened the new race for cryptocurrencies as the \u201cspace race of our generation.\u201d However, Rhythm believes that Bitcoin is the superior coin to all forms.<\/p>\n

\n

BREAKING: Sweden just announced the launch of the "e-krona", it's own central bank digital currency in a new pilot platform.<\/p>\n

Digital currencies are the space race of our generation.<\/p>\n

However, my bet is on Bitcoin getting to the moon first.<\/p>\n

— Rhythm (@Rhythmtrader) December 13, 2019<\/a><\/p><\/blockquote>\n