Italy, Lithuania & Sweden heading towards Digital Transformation

European Union is considering to develop its digital currency. It has been a rivalry for facebook’s cryptocurrency. They are rival to facebook cryptocurrency project libra, consumers and politicians in Italy. Also, Sweden and Lithuania are exploring the adoption of digital assets and bitcoin. Italy has the ninth-largest economy in the world with a gross domestic product of $2 trillion. It has the second-highest debt in the euro area after Greece. As we all know that the economic instability coincides with consumers. It also coincides with the merchant that was moving toward digital assets for daily transactions. This digital transformation is leading to a lot of changes.

Relevance of Cash

The leading regions for BTC adoption are Lombardy, Trentino-South Tyro,l and Veneto. The maximum number of Italian prefer cash over other payment methods. It was revealed by market data provider statista that during November 2019, 835 stores and companies accept bitcoin. Across several different cities, the country has a total of 62 Bitcoin ATMs installed. Lithuania’s reserve bank is all set to launch a blockchain-based digital token. This is mainly for the collectors in the spring of 2020. Its 20 signatories.country’s declaration of independence in 1918.

Featuring of Signatories

Every collectable token will significantly feature one of the signatories. A total number of 24,000 digital coins are going to be issued. In Relevance to the nation’s central bank, “Digital collector coin is going to be yet another step in the implementation of the Bank of Lithuania’s strategic direction. It was in the field of innovation and fintech.” The coins are not going to be accepted as legal tender. The central bank expects the tokens “to entangle the youth in coin collection. Said by Marius Jurgilas, Member of the board of the Bank of Lithuania, “It is relevant for central banks to tend to discuss all these topics more openly so that an outline of currencies will slowly start to emerge.” This digital transformation is heading towards a lot of systematic modifications.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Italy, Lithuania & Sweden heading towards Digital Transformation

Shilpa Ranga

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