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Cashing out: Sweden could be the first country in the world to issue ‘digital currency’

Cashing out: Sweden could be the first country in the world to issue ‘digital currency’

Cashing out: Sweden could be the first country in the world to issue ‘digital currency’
November 21
17:37 2016

 

Cashing out: Sweden could be the first country in the world to issue ‘digital currency’

Swedish central bank Riksbank is exploring the idea of a ‘digital currency’

The system could save tourists a trip to the currency exchange desk

Sweden is seeing a huge decline in the use of traditional notes and coins

By Annabel Fenwick Elliott for MailOnline

Published: 10:48 EST, 18 November 2016 | Updated: 10:48 EST, 18 November 2016

Changing money is one of the more irksome tasks we have to tackle before going on holiday – but Sweden might soon be making it much smoother.

Riksbank, the world’s oldest central bank, has announced that it’s exploring the concept of a ‘digital currency’ to accompany its Swedish kroner notes, which could ultimately save tourists a trip to the currency exchange desk.

Enabling people to purchase kroner online would be similar, but not the same, as the way virtual currency Bitcoin is already used by travellers to pay for things like flights and hotels.

‘The number is rising, but is still estimated to be under a million digital-currency-accepting merchants globally.’

Sweden is currently seeing a huge decline in the use of traditional notes and coins, as the Swiss embrace increasingly efficient card payment methods.

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