Sweden aims to decide on whether to issue a digital currency called “ekrona” within two years. Cecilia Skingsley, deputy governor of Sweden’s central bank Riksbank, told that the bank is considering the move after a dramatic drop in the usage of cash. The amount of notes and coins in circulation has fallen by 40% since 2009, with a rise in online shopping and card payments.
While Sweden may be the first to issue digital currency, it is not the only country considering such a move. The UK Home Office told the Treasury earlier this year that there “might be a number of advantages of any digital currency for the UK being created and owned by central government.” Citi also told the government during the same consultation.