Denmark Plans to Issue Blockchain-Based E-krone as its Reserve Currency

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Seeing that only 20 per cent of Denmark’s transactions are executed using cash, it’s no strange concept to question the point of printing paper money at all when it represents less than one-third of the money supply and is not even really a safety net should the electronic payments system stop functioning.

In a recent report at Bloomberg by Peter Levering, he interviewed the governor of Denmark’s Central Bank Lars Rohde:

“In Denmark and the rest of Europe there’s a relatively high level of trust in the central bank. In Venezuela less so,” Rohde said, adding that many of the cost benefits to be had apply to small transactions. “The big advantage will concern small and micro payments. It’ll be cheaper, faster and easier for you and me to do electronic payments.”

Rohde says the bank is exploring whether the electronic currency it produces “should be anonymous or not.” The E-krone would have a serial number, which would make currency units traceable at all times. A blockchain – a kind of ledger that chronologically records all e-currency transactions – would allow such tracking. It’s a concept that was developed with Bitcoin, which was created in part in an effort to bypass central banks.

Having your central bank use a blockchain requires a certain level of trust between a country’s citizens and their monetary authority, meaning it’s a model better suited to transparent, developed societies, according to Lasse Birk Olesen, co-founder of fintech firm Coinify, which is developing a blockchain infrastructure for Nordic payments firm Nets A/S.

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About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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