A New Approach in Swedish Payments: Digital Currencies

In the long journey of monetary items in human history, our mediums have changed a plethora of times. Sometimes a piece of cloth was enough to get a loaf of bread, whereas silver coins passed from one hand to another in Mediaeval times. No matter what the item was, our way of spending has permanently changed according to the period and location we live in.

In the age of the Mighty Internet, money has become digitized just like anything we operate in our daily routine. Today, we do not have guardians to keep our money safe but unbreakable bank accounts we can rely on in any circumstance. We can check out our digital currencies with a few clicks through a simple mobile banking app. 

What is a Digital Currency?

In a nutshell, we can define digital currency as a medium of exchange that is generated, reserved, and transferred through the Internet. In other words, it is any means of payment in a virtuously electronic form. Types of digital currencies are cryptocurrency, virtual currency, and central bank digital currencies. Therefore, to clear the clouds, any money or money-like asset is a digital currency.

Considering the increased demand for online money transfers and cashless payment alternatives, fast and low-cost payment methods have become more and more critical for consumers who are exhausted with traditional banking systems at a snail’s pace. On the other hand, just like it has always been, governments do not want to lose the path of circulating money because unregistered money is accepted as black money, which can be used in malicious attempts such as money laundering and terrorism. 

Digital Payments in Sweden 

The land of Aurora Borealis and Vikings has always witnessed innovations, and the Swedes are known for their open-minded approaches to what is new. We can define this extraordinary country as science-centered, primarily provided by the export, manufacturing sect, or and a solid public service sector with global standards. In contrast with its Westerneighborsrs, Sweden’s industry has been mainly managed privately. For an ingenious nation carrying concerns to keep the financial system straightforward and intending to have a significant role in the global arena, digital payments are sine qua non of the Swedish economy. 

Furthermore, the Swedish economy is ranked as the world’s eleventh-highest per capita income. At the same time, Sweden is high in education, health, gender equality, protection of civil rights, income equality, and economic competitiveness. Thus, to maintain the country in this condition, the Swedish government pursues the motto of Gresham’s law stating that “Bad money drives out good”. 

Since this Scandinavian nation is a significant member of the Schengen Area and the EU single market, the majority of online money transfers come from all-time partners like Norway, Denmark, Finland, Germany, and the United Kingdom. Hence, these countries must embrace digital currency transfers to have a smooth transition. 

E-Krona Project on the Stage

As one of the game-makers in banking systems worldwide, Sweden did not ignore the high lowering in cash payments and the libertarian principle of cryptocurrencies taking over the reign of fiat currencies. The country’s central bank, the Riksbank, hit the ground running to issue a digital complement as the substitute for cash. This is how the e-krona project was born.

Today, the public has access to the Swedish kronor in the form of state-issued cash and digital money issued by commercial banks. To construct a more extensive ecosystem for international retail and remittance payments, the Swedish, Norwegian, and Israeli central banks also cooperate with BIS (Bank for International Settlements) on the picture of more convenient central bank digital currencies.

Jeton Wallet in Sweden

Hej Sverige!

As soon as we entered the Swedish market and became familiar with Sweden, we were enchanted by the avant-garde entrepreneurship and visionary Swedish nation. Our reformer digital wallet, Jeton Wallet, is the perfect match for the grandchildren of gallant Vikings. During the long years in the Swedish market, we have amplified our portfolio to deliver the best service for our users. In return, they praised us with multiple positive feedback on various platforms. 

In light of our long experience in Scandinavian countries, our internal professionalization is elevated to present tailor-made solutions for your expectations and needs. We are aware of the struggle to open a bank account in Sweden with no residence card. Unfortunately, it is impossible for foreigners to create bank accounts unless they meet the requirements of offshore banking or become permanent residents by law. In both cases, the procedure is pretty frustrating. 

But hey! No worries! Jeton Wallet features just like a traditional bank with notable extras. Having your Jeton account, including a European IBAN, will take a few minutes; hence you can operate your cross-border money transfers and scheduled payments efficiently. 

We are a multinational and licensed company operating in more than 100 countries and serving reasonable exchange rates among Swedish Krona and over 50 fiat currencies. Are you interested in cryptocurrencies? We also have a comprehensive portfolio with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Tether.

Another advantage of having a Jeton account is our Visa-based Jeton Card. After receiving your debit card linked to your account, you can use it just like any plastic card. Every purchase or transfer will appear on your user-friendly Jeton app so that you can access your transaction history 24/7/365.

To meet our unique services and carry your online payment experience to the next level, visit jeton.com today and join us! Jeton Wallet assures user satisfaction beyond expectations! 

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