Following on the similar path that Venezuela [Petro – PTR] did and many more states are planning to do, Sweden is looking at the opportunity to issue its crypto-next to the market. The digital currency called e-Krona i s set to be released in order of competition.
Being among the states that are drafting out plans to advance into a society being cash-less, in their daily lives – younger generations in Sweden have already electronic payments fixed. Riksbank – The Swedish Central Bank supports the idea that the upcoming [to be issued] e-Krona will be equivalent to the traditional currency but complete and be used for not major transactions and transfers between individuals, companies or authorities.
Cryptocurrencies called ‘Third Generation Coins’ are increasing in supporters and development/rate. One of them which leads the way of the crypto 3.0 is IOTA, which comes with many characteristics making it very respected around the place.
Being developed slowly but steady from scratch, the group of individuals backing up the coin created a new platform that has brought with itself many solutions to existing problems. As it has been completely written on Java, they did away with the traditional concept of blockchain altogether.
Why many ask that when it comes to IOTA being one of the first choices for future understanding among thousands of cryptos – well it is considered a coin ahead of its time being the first one not employing the use of blockchain tech, in which case various issues where nullified as the platform uses a system called Tangle.
“The tangle is what is known as a directed acyclic graph (DAG): a data structure that moves in one direction without looping back onto itself.” – David Floyd
What makes the Tangle system very unique, is that the more people use it – the network is faster and performs better accordingly. The case is very in contrary to other cryptocurrencies, especially the leading ones.
The Swedish central bank will have a clear approach towards KYC and AML policies. That’s one of the most important topics surrounding cryptocurrencies and one of the major areas o control around the world.
“#Sweden may be among one of the first countries to implement a national cryptocurrency with #IOTA. But before the Nrodic nation goes full cashless, the riksbank stressed several issues that a national #cryptocurrency would have to address!” – IOTA News on Twitter
Accordingly, Eva Julin – new e-Krona crypto-project leader, stated that the Swedish bank has chose IOTA as its support for the project. Simultaneously, the bank is sitting down with 19 other firms to get everything working and ready as it is planned the project will be given the green light in 2019.
As Sweden is not in the Eurozone, it does not have conflict of interest with the European Central Bank (ECB). Estonia had plans to issue a cryptocurrency but the ECB stopped it. Mario Draghi, ECB President, explained that no Eurozone state could issue a national currency that would compete against the Euro.
Hmm, it looks like all communist countries adopt CRYPTO: China, Venezuela, Sweden. What can we learn ?
If it were Bitcoin Sweden was adopting I’d be excited…
Somehow I don’t think this E Krona is going to have a Cap on units and Decentralization is, of course, out of the question.
The E Krona is undoubtedly an adjunct to Sweden’s “war on cash”.
We’ll see if Sweden can resist the allure of irresponsible fiscal policy when the lure of “free money” is only an inflationary dilution keystroke away.
I doubt it, centralized “authority” has proven track record of not only being a breeding ground for corruption but a haven for it.
Only decentralized currenciecies that rely on mathematics rather than human frailty stand a chance of maintaining viability rather than enriching insiders and their cronies.
Lol, it’s hardly CRYPTO, it’s more like CLEPTO.
Real cryptocurrency has a Cap on units and Decentralization, like Bitcoin.
Nations, and the corrupt nepotistists that inevitably sleaze their way into positions of authority, aren’t going to give up the ability to steal value from their constituency using inflationary dilution.
A Cap on units doesn’t lend itself shady dealings, every unit can be accounted.
Without the ability to silently steal value and give handouts to cronies, why, people would be required to approve of expensive and often unpopular programs before they were implemented.
No politician wants that.
Unfailingly centralized “authority” has proven itself incapable of resisting corruption where money is concerned.
Only a decentralized currency can be trusted to have everyone’s best interest in mind, by design.
Not even BTC. There is no “anarchic money ” in this world. Miners form syndicates in the sense of sicillian mafia: the pools. The whole usage of crypto will hae a bad end. either state-controlled (which means total control) or fully annonymous which means anarchy and illegality. “Free money” is only an illusion.