October 22, 2021

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5 Reasons Why Digital Currencies are Rising in Sweden

Sweden Explores Moving to Digital Currency in Blow to Krona (SEK USD) -  Bloomberg

Sweden embraced the rise of digital currencies and seeks to become a global leader in the fast-changing world of blockchain technology. Cryptocurrency is a type of digital currency based on the blockchain and is the most common type of digital currencies.

Below are the reasons why digital currencies are rising in Sweden;

  1. Increased use of digital technology 

The use of digital technology is a core driver of digital transformation.

Due to the rise of the digital era in Sweden more administrations, firms and individuals have taken up the change and are now doing digital market integration.

There are over 4,000 other digital currencies that have emerged even though only a few have a reasonable market value. Digital currencies include Bitcoin, Ethereum, Litecoin, Ripple among others.

It is easy to access these currencies online but it is advised that you read reviews about digital currency firms before signing up for any.

Omdomesstalle for example is a Swedish site that gives reviews on sites that offer business, insurance, loans, and digital currencies. 

Bitcoin code is one of those automated cryptocurrency trading apps whose reviews may interest you in case you’re looking to get started on cryptocurrency. 

Swedish entrepreneurs and citizens interested in digital currency are relatively having positive notions of the status quo.

  1. Many citizens are adopting digital currencies

This is shown from research done by the Riksbank where only 13% of the Swedish population was still doing transactions with cash while most of its citizens opted to the cashless or digital currencies system. 

The citizens’ love of digital currency is because it seems safe, more reliable and accessible. 

  1. The Swedish central bank is developing its own digital currency

Sweden’s central bank is developing its type of digital currency which is set to be used both in the country and also in other nations. 

The e-krona currency project by Riksbank is underway where payments are done will be cashless. 

The e-krona is a project by the Central Bank of Sweden to minimize the use of decentralized digital currencies. People are meant to prefer e-krona over Bitcoin or Ethereum since E-krona will be under the patronage of the Swiss Central Bank.

In 2023 Sweden is set to be the first cashless nation in the world where its economy will be 100% cashless.

  1. Sweden has Introduced digital era learning methods 

The policies of a state need to empower everyone with the skills required to succeed in a  digital era. Reviewing school reforms to improve the acquisition of fundamental digital skills is very necessary.

Sweden has a Digital Strategy that aims to ensure everyone will be able to develop and use his/her digital skills. 

The Digital Strategy recognizes the important role of the school system in providing all children and students with the skills needed to actively participate in a digital sphere.

The strategy also notes that digital literacy includes media and information literacy, such as the knowledge and skills needed to find, analyze, evaluate, and create information in different media and contexts.

Several school reforms have been carried out over the past decade to address Sweden’s

declining school performance including reforms aimed at improving digital skills.

  1. Uptake in digital security and privacy concerns.

Finally, another pre-condition to engage in digital and online activities is trust. Two key dimensions affecting trust in the uptake of digital technologies are digital security and privacy. 

Uptake requires individuals to trust that the system is secure and to be confident that it does not give away personal data without consent.

In many countries, digital security incidents experienced by individuals are not taken lightly. 

Such incidents include financial fraud, identity theft, or personal data breaches, and, in most cases,  severely affect the trust of the person concerned.

The share of individuals having experienced digital security incidents is over 20% in several countries, including Sweden.

With regards to privacy, individuals are increasingly concerned about the collection, storage, and use of their data and whether they can access and/or control it.

Except for online banking, individuals in Sweden are much more likely to refrain from all other online activities due to security and privacy concerns than the average individual. 

Digital currency in Sweden assures consumers of safety from such vices and Sweden is among countries with a serious initiative to eradicate them.