The Bank of Sweden began testing its own cryptocurrency

the Bank of Sweden together with the consulting firm Accenture announced the beginning of testing the digital crown. The project will last until February 2021 on the basis of an isolated test network, it said on the website of the Bank of Sweden. E-the crown may become an alternative to cash and are focused on making payments through a mobile application.

In the framework of the pilot users will test the possibility of storing digital currency in an electronic wallet for depositing and withdrawing funds via the mobile app or the smart watch. When you create a digital currency platform was used Corda, developed by the blockchain-a consortium of R3. Bank of Sweden notes that Corda is significantly different from other cryptocurrencies that allows you to create a network that is only available to test participants.

Sweden began developing its own digital currency on the blockchain in 2017. The final decision on the question of launching e-the crown is still pending and even after the tests, the Central Bank will continue to dialogue with financial market participants, state agencies and citizens, until all parties come to a common solution.

Sweden for several years the leader among the countries, virtually renounced the use of cash. Their share is only 20% of all transactions. According to the Bank for international settlements, in 2018, the volume of cash in circulation in Sweden was 1.4%. This is the lowest figure among the 50 countries surveyed in the Bank.

Almost everyone in Sweden use mobile payment apps, according to estimates, retailers can stop accepting cash by 2023.

While closer to creating your own cryptocurrency is China. A project to create a digital of the yuan may start already this year. According to some experts, the spread of Chinese cryptocurrency will do Wechat and Alipay. Representatives of the Chinese of the Central position of the national digitalrovou currency as an asset for settlement. Experts of Central Bank claim that digital the yuan will not be a speculative instrument.

In the United States is also considering establishing its own digital currency on the blockchain. Former Chairman of the Commission on trade commodity futures U.S. (CFTC) and Christopher Giancarlo led non-profit initiative to promote and study the digital dollar, which can “send as easily as a text message”, reported the newspaper The Wall Street Journal.

Ex-Chairman of the Commission on trade in commodity futures USA’s Christopher Giancarlo, too, promotes the idea of digitization of United States dollar using blockchain technology Digital dollar, according to the authors of the project The Digital Dollar Project, will be a third currency format, will be provided by the reserves of the Federal reserve and having the digital form, should be as easy to implement transactions, such as sending text messages.

the launch of the initiative attended by the former Director of innovation CFTC Daniel Garvin, brother Christopher Giancarlo Charles and hedge Fund Silver Lake Partners. They hope that their efforts will lead to “a fully electronic currency on the blockchain”.

To more effectively achieve this goal, the project created a non-profit organization Digital Dollar Foundation. Brothers Giancarlo will provide initial funding, while Accenture will focus on the research work.

Former Chairman of the CFTC is confident that the delay of the US in the development of a national digital currency can lead to the fact that the dollar will given the primacy of the yuan, the people’s Bank of China takes active measures to digitization.