Sweden May Launch Its Own Cryptocurrency Along With IOTA [MIOTA] : E-Krona

After Venezuela released itsown Cryptocurrency named Petro, now Sweden is relaying in the race by deciding to launch its own cryptocurrency named E-Krona which will be competing with the private cryptocurrencies in the global market.

Since many countries are exploring the potential for state-backed cryptocurrencies and Sweden is undoubtedly on the front. With this E-krona advancement, it sure that Sweden aims at being a cashless society. But the Swedish central bank, Riksbank believes that there should be an alternative for people who wish to access cash for any of their requirements. Therefore, Sveriges Riksbank has planned the E-krona as a digital currency equivalent to the country’s regular currency to bring in use for small transactions between consumers, companies and the authorities.

Also Read: Rumours Says India May Launch It’s Own National Cryptocurrency Named Laxmi Coin

IOTA is a public distributed ledger that uses “Tangle”, a directed acyclic graph based data structure which has no Blocks, no Chain, and no Miners. So, each participant has to actively participate in the consensus of the network to make a transaction. The money will be stored in a database and the value can be accessed through an app or a card; Anti-money laundering, adherence to KYC rules, security and anonymity has to given major consideration, says the central bank while talking on implementation of the policies. Eva Julin, the project leader of e-Krona, said that the central bank finalized IOTA for the project after negotiations with 19 companies. IOTA News wrote on twitter,

” #Sweden may be among one of the first countries to implement a national #cryptocurrency with #IOTA. But before the Nordic nation goes full cashless, the riksbank stressed several issues that a national #cryptocurrency would have to address! “

Also read : IOTA Foundation Partners Up With Taiwan To Explore Smart City Solutions

However, Bank of International Settlements (BIS) is a little apprehensive with regards to the Central Bank’s statement which says that this might risk the stability of the global financial systems by jumping on the Bitcoin bandwagon and launching their own digital currency in an effort to destroy competition from rivals from outside the official sphere and may pose several kinds of risk to the financial sytem on a global scale.

Also Read: Estcoins – Official Cryptocurrency of Estonia

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.