Sweden launches review on possible switch to e-krona Business
Sweden has launched a review into the feasibility of moving to a state-backed digital currency. According to a new report, the review will take two years, with the results expected to dictate the way forward for the European nation.
Per Bolund, the Swedish financial markets minister, revealed that the review will be completed in November 2022. The government picked Anna Kinberg, a former chairwoman of the central bank’s finance committee, to lead the inquiry.
As Bloomberg reports, the Swedish government believes that its digital currency, the e-krona, will make financial services available to everyone. It will also lead to a more efficient financial services market, the Minister stated. However, the migration to a cashless society must not be rushed, as it will have great consequences if there any glitches.
Leading Singapore bank to launch digital asset exchange Business
Singapore’s leading private bank, DBS Group Holdings, is planning to establish a new digital asset exchange, in response to rising demand for digital currencies.
The largest bank in Southeast Asia said the move would increase scope for tokenization, digital currency custody and trading services for institutional investors.
In a recent statement, DBS Group Holdings said the exchange would allow for secondary trading of crypto assets, as well as supporting asset tokenization as a method of raising capital.
DBS Chief Executive Piyush Gupta said the market was ready for the formal banking sector to move on cryptocurrencies and digital assets.