The number of coins and banknotes circulating in Sweden has fallen to a new low in 30 years. Sweden’s central bank, Riksbank, says that approximately less than 15% of all retail transactions in 2016 were made using hard cash. This is because most people are now using the now popular mobile payment services. Riksbank is now wondering whether to issue purely digital currency. The bank is now seriously looking into the now hugely successful Bitcoin’s blockchain technology.
In 2014, China put together a research team to look into how viable a cryptocurrency can be. The People’s Bank of China (PBOC) has run several tests taking it closer to becoming the first central bank to issue Cryptocurrency. The introduction of this currency will enable a person with a Smartphone or laptop to buy anything from popcorns to cars.