Sweden's biggest central bank is considering the creation of their own digital coin

[harand]

A financial revolution, or the same old traceable system with a new name?

The coin and paper circulation has dropped by 40% since 2009 in Sweden, "Riksbanken" is not playing with the idea of digital money.

The bank is hoping to reach a decision within two years , and if all the lights are flashing green it's a go and they will be the first bank in the world pulling it off.

This is as revolutionary as paper currency was 300 years ago. What does it imply for monetary and financial stability?
How should we design it: With a debit card you can recharge, a application or some other way?"
asks Deputy Governor Cecilia Skingsley.
We really have no one to look at in terms of how to design such a coin, or potential consequences. But doing nothing is not an option for us, she continues.

The Riksbank(Sweden's central bank) was the first to introduce paper banknotes in the 1660s.
Skingsley points out that "e-crown" should not replace coins and banknotes, but have a complementary function.
There are many questions that must be answered in order to introduce an electronic money, such as whether customers will have an account at the Riksbank, the money can be traced, unlike cash, and if you will be able to earn interest on the currency.

Personally I would have liked to design the currency in a way that is most similar to cash, says Skingsley.
She adds, however, that the bank has no interest in contributing to crime, and that it therefore should consider to trace the money.<Source: e24 & the financial times>

My thoughts on the subject at hand.

We all know that this technology exists, and we all know no central bank will add such a currency of their own without having the ability to trace each transaction.
First when i read this article in the Norwegian finance newspaper http://e24.no/ i felt joy.
But after some consideration and reflection on the subject i understand that this..this is not what we want.
We want a digital currency without a owner, a currency that doesn't fall to inflation and where every transaction is published in the public ledger.

The banks want their own wet dream, a coin which is fully traceable and controllable by them.

Comments

[fryskungen]

This fleels like the standard State-answer to anything. Atlest they follow the Swede-state-handbook to the point. "Use state money to compete with any entrepreneurial concept that makes money".
The beautyful thing about the e-crown however is that it doesnt differ at all from the current sytem of moneymaking. It looks like an attempt to compete with crypto using a system where the real selling-point (untraceability) has been removed.
This is just the next step of the new and improved cashless society. And make no misstake about it - us swedes will welcome this with open arms. "World leading in tech"
(I blame any and all spelling-misstakes on autocorrect)

[harand]

Yeah, i see Norway moving on the same path they are considering it to so it's in the research phase.
Britain, Russia, Canada, Australia and China are also on the same stage according to E24.