Scammers Trying to Sell National Cryptocurrency, Warns the Central Bank of Sweden

Elvira Rogers
By Elvira Rogers
Posted on Jan. 9, 2019
Scammers Trying to Sell National Cryptocurrency, Warns the Central Bank of Sweden

Sweden became the first country to announce the virtual version of their national currency. Now, the central bank is alarming the public about spam selling of the ‘e-krona’. Riksbank justified that they haven’t released the virtual currency yet, so the identities selling e-krona are scammers & appealed their people to reach out if they come across any such offers.

According to Riksbank, ‘no decision has been taken on issuing e-kronas’ and therefore claims to the contrary were false. Riksbank pointed out that the scam was being perpetrated online as well as via phone calls:

… 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 Took Off in 2017

Started in 2017, the e-krona project was initiated in response to the declining levels of cash usage in the country. Then, physical cash circulation in the country had fallen by 40% since 2009. The first time that the idea of an e-krona was publicly floated, however, was three years ago.

In a speech delivered at the time by Riksbank’s deputy governor, Cecilia Skingsley, she noted that it was a trailblazing concept:

The declining use of cash in Sweden means that this is more of a burning issue for us than for most other central banks. 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.

The low usage of cash in Sweden has only gotten worse over time and a report towards the end of last year indicated that 50% of retailers in the country will not be accepting cash by 2025. A couple of banks in the Scandinavian country also no longer handle physical cash and this has posed a challenge for population groups that are unable to utilize digital payment solutions such as people with disabilities and the elderly.

Crypto Outcasting Cash?

This has seen Riksbank consider ways and means of facilitating and increasing cash usage. One of the methods that has been proposed includes subsidizing cash by reducing the costs banks incur in handling cash.

The governor of Riksbank, Stefan Ingves, has also previously stated that importance of cash can never be overruled:

If the power supply is cut it’s no longer possible to make electronic payments. For reasons based purely in preparedness we need notes and coins that work without electricity.

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