With only 20% of Denmark’s transactions executed using cash, Blockchain-based currency systems are becoming more attractive to central banks.
There’s a growing number of central banks questioning the point of printing paper money, and the wardens of cash in Denmark are now looking into producing a virtual currency instead. The Danish central bank predicts this will make crime harder and oversight easier. Singapore and Canada have already tested Blockchain-based currency systems for Internet payments, and both Britain and Sweden are blazing an e-trail in Europe.
As of 2017, the Danish central bank will outsource its cash production, which includes the advantage of lower transaction costs. Although cash won’t completely disappear, Denmark is exploring cheaper and more efficient alternatives. It is estimated that the total cost of using notes is at least double that of using credit and/or debit cards.
E-kroner would have a serial number, which would allow currency units to be traceable at all times, as Blockchain chronologically records all e-currency transactions.
Read the full article, via Bloomberg, here.
