Scammers Are Attempting to Sell Inexistent E-Krona CBDC in Sweden
Sweden has often been referred to as one of the world’s most forward-thinking countries in terms of its monetary policy, financial technologies and digital currencies. In fact, if the current trend continues, it will likely become the first cashless society.
With this in mind, Sweden’s plans of developing a central bank-backed digital currency are no surprise to its population. However, it seems like scammers have noticed a new opportunity to extort money. Recent reports indicate that individual scammers and firms are attempting to sell the non-existent e-krona to the Swedish population.
Riksbank, which is the Swedish central bank, was quick to respond with statement on the matter. According to the bank, “On certain websites and in social media, claims have been made that it is possible to purchase e-krona. The Riksbank has also been contacted by individuals describing how they have been called by companies claiming to be selling e-krona on behalf of the Riksbank.”
The bank then mentioned that the e-krona project has not yet been concluded, therefore any claims on the matter are fraudulent attempts at extorting money. In an effort to learn more about the individuals publicizing this claim, the Riksbank has asked the population to report any e-krona offers they may receive.
To put things better into perspective, Sweden’s declining cash usage has encouraged the central bank to look into alternative solutions. This is how the e-krona project was started. At this time, research and development for the CBDC is already underway. Despite this, the Riksbank has stated that its launch will likely happen 3-4 years from now. According to the bank, “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.”
An interesting aspect worth pointing out is that Swedish financial authorities don’t want a complete migration to a cashless society. Not yet, at least. The argument is that using digital payment solutions is more difficult for the elderly. Additionally, a power failure that takes place locally or nationally, would wreck-havoc on the financial system.
According to Riksbank, “For reasons based purely in preparedness we need notes and coins that work without electricity.”