Next Crypto market? Cash is rapidly disappearing in Sweden..
Half of Swedish retailers predict that the country will no longer accept cash by the end of 2025, the New York Times reported. Sveriges Riksbank, the country’s central bank, is already testing a digital currency called e-krona. Could the declining use of cash in Sweden lead to a complete crypto market?
Preparing for a company without cash
Commercial banks, businesses, and private individuals in Sweden are preparing for the creation of a cash-free society in the next decade.
Stefan Ingves, the governor of Riksbank, said:
“When you’re where we are, it would be a mistake to sit with your arms folded, do nothing, and then take note of the fact that the money has disappeared. You can’t turn back time, but you have to find a way to deal with change. “
The inefficiency of cash has led most companies and people in the region to switch to digital alternatives.
A few thousand people came to implant microchips in their hands to pay for food and transportation with a gesture.
The decline in the use of cash in Sweden represents a positive trend that the Government has encouraged for many years. However, local authorities did not expect the general population to move from cash to more practical alternatives at such a rapid rate.
If the cash goes away, that would be a big change, with important implications for society and the economy. “
Asian countries, including Japan, South Korea, and China, are experiencing a similar trend. China, in particular, has seen an increase in the use of digital payment networks as a growing number of people have begun to rely on mobile applications like AliPay, which is now valued at more than $150 billion, to pay the needs and receive a Compen Monthly information on behalf of companies.
Japan and South Korea are examples
The declining use of cash in Japan and South Korea has naturally resulted in an increase in demand for decentralized currencies such as Bitcoin and Ethereum.
Sweden remains a relatively small market for cryptography, possibly because centralized payment networks are more efficient and practical for daily use. The adoption by traders remains one of the weaknesses of decentralized currencies and centralized alternatives are even easier to use to cope with online and offline traders.
As Criptomoneda secures general knowledge and, finally, adoption, Sweden could become a major market for Criptomoneda users and investors, if it has the support of the Government and favorable regulations.
Foundation is born to focus on the interoperability of the cryptographic portfolio…
In the cryptographic world, payments are exponentially more complex and cumbersome, “said David Gold, CEO of Dapix, a founding member of FIO. “Cryptographic payments are too risky, too frightening and difficult for members of the public. You must use a series of incoherent characters and cannot confirm whether the funds have arrived. The average person on the street will simply never feel comfortable using cryptography unless this changes.
Gold, in an email correspondence with Bitcoin Magazine, argues that “decentralized block chain transactions” should be easier and “less risky than Fiat transactions”.
This challenge cannot be solved by an individual wallet or exchange, because it is in the interface between all of them.
The FIO protocol is a decentralized, industry-driven solution that will allow easy-to-use and virtually error-free transactions between any wallet or bag. “
Gold, who spent 11 years as managing director of the Access technology firm, Access Venture Partners, believes that the widespread adoption of the Criptomonedas will be very limited unless it is easier to move them.
To ensure that cryptographic payments are as easy to transfer as PayPal payments, the FIO protocol will leverage a standardized layer of connectivity and usability functions that cryptographic companies, such as portfolio vendors and Exchanges, you can use.
The FIO protocol will focus on three central areas. First, it will create FIO addresses:
Man-readable, universal purse, or centrally-swappable account name sets that are universally compatible with each token.
Finally, the protocol will focus on the FIO data functionality, allowing “the first chip/coin metadata… The ability to include a note or even a full-order cart with a payment or a payment request securely and privately from one wallet to another. “
Gold went further by stating that the protocol is not a “closed party.” Anyone can participate in the Protocol’s efforts to make the ease of use of the block chain transfers “dramatically improved” so that technology can achieve its potential.
So far, the Protocol has been endorsed by six leading portfolios and cryptographic exchanges, which agreed to join the foundation when it is launched, according to a statement. These include ShapeShift, KeepKey, Coinomi and others. The start-up plans to test the protocol in the first quarter of 2019 with the encryption companies that have registered.
“Cryptographic payments should improve if this technology is going to expand.
The FIO approach (decentralized, interconnected and with financial incentives to adopt) is exciting and we are delighted to support it, said Erik Voorhees, founder and CEO of ShapeShift.
Once launched, the protocol will offer standardized open-source API and SDK that can be globally integrated into any cryptographic wallet or easily swapped.
According to Gold, cryptographic users will not have to deal with long-chain public encryption keys when sending digital assets. The protocol will not be placed in the midst of the underlying transactions in the block chain; Rather, it would send “information and confirmations that allow the sending of value in all other blocking chains.”