Illegal Selling of Non-existent National Cryptocurrency ‘e-krona’ Flourishes in Sweden

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Photo: Riksbank

Photo: Riksbank

Sweden is known to be one of the most progressive countries in the aspect of digital assets and technologies.

In November, it was stated that Sweden could become the first-ever cash-free society. Meanwhile, the usage of cash in Sweden is very low already. According to official forecasts, 50% of retailers in Sweden will not be working with cash by 2025. Some banks have already ceased handling physical cash which represents some problems for certain groups of the population such as elderly people who are not accustomed to digital payment solutions.

Nevertheless, this governmental policy has created new chances for fraudsters to make money out of thin air.

Non-existent National Cryptocurrency

Though Sweden’s Riksbank has voiced the idea of launching the country’s digital currency ‘e-krona’, at the moment this idea still remains just a plan. But there are already some individuals and companies trying to sell this “new” digital version of the national currency.

In this context, the country’s reserve bank has warned the society that their project to launch the ‘e-krona’ is not concluded and all the initiatives to sell it at the moment are fraudulent.

In its statement, the bank explains that they haven’t made any decisions on issuing e-kronas yet and asks people to be cautious and to inform the central bank if they face with some offers to purchase this non-existent national currency.

The bank’s statement reads:

“On certain websites and in social media, claims have been made that it is possible to purchase e-kronas. The Riksbank has also been contacted by individuals describing how they have been called by companies claiming to be selling e-kronas on behalf of the Riksbank.”

E-Krona Project

The project was mentioned for the first time in 2017. At that time it was noticed that the levels of physical cash usage in Sweden were declining. Since 2009, the circulation of cash had decreased by 40% and the government began thinking about alternative means of payment.

The name for the new digital currency was chosen to be one of the most important new words of the year in 2018. This list is prepared by linguistic experts annually and contains words and terms that were created, imported or became popular in this or that particular year.

In spring 2018, the Riksbank stated that they were not ready to launch the e-krona project at the moment and that this digital currency would arrive in three or four years. But it was also said that it’s strongly believed that cryptocurrency would never fully replace physical one even in the future.

“Although it may appear simple at first glance to issue e-krona, this is something entirely new for a central bank and there is no precedent to follow”, explained Riksbank’s deputy governor, Cecilia Skingsley.

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