Sweden is at the forefront of efforts to become a cashless society. Only 6% of payments in the country are currently made in cash, according to the central bank, Sveriges Riksbank, which has been stepping up efforts to introduce a digital currency, the e-krona, to handle retail payments everywhere. The central bank announced this month that commercial banks in the country would be involved in the next phase of testing over the course of this year.
Foreign financial services investment into Sweden last year reflected this trend. Notable deals include Canada-based Hive Blockchain Technologies’ $130.30m investment in expanding its cryptocurrency mining facility in Sweden, and Norway-based venture capital firm Alliance Venture’s new Stockholm office focused on tech start-ups.
