The Swedish Government Begins Testing Cryptocurrencies

As cash use plummets and the amount of currency in circulation dwindles, central banks are looking to cryptocurrencies as government-backed money.

In Sweden, the number of banknotes and coins in circulation has fallen to its lowest level in three decades.  Riksbank, Sweden’s central bank, estimates that cash transactions made up only 15 percent of all retail transactions last year.  As a result, Riksbank, is taking a serious look at Bitcoin.

These systems, also called distributed ledgers, rely on networks of computers, rather than a central authority like a bank, to verify and record transactions on a shared, virtually incorruptible database.

Government bankers across the world believe this has the potential to replace cash and make other payment systems more efficient.

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