Bank of Sweden Tests Crown on Blockchain

Cryptocurrencies are captivating central banks. The Central Bank of Sweden, Sveriges Riksbank is next in line. Bank of Sweden has announced the beginning of testing of the e-crown on the official website. According to Coindesk, the currency will operate on the Corda blockchain of R3 Corporation.

Sweden has demonstrated interest in electronic money for a long time. Moreover, the share of cash in the total turnover is currently only 20%, and e-crown is designed to push Sweden even further into the world of cashless payments.

CMO Orion Finance Noam Frishman highlights, ‘I think that cashless payments are the future. We value the benefits of electronic payments, such as speed and comfort, more and more. But if central banks keep control over financial turnover, you will be forced to put up with full accountability to the state. And you have to be that control may become harder.

To avoid such a finale and save the libertarian values, it is important to develop financial technologies on the blockchain, ensuring the decentralized functioning of money’.

The Orion Finance team is inspired by Sweden’s initiative. It is also important that precisely blockchain technologies would have to be used. This makes us believe in the decentralization future of the financial system.

What do you think about the world of cashless payments? Are you ready completely refrain from using cash?