In recent weeks, one cryptocurrency has attracted particular attention worldwide: we are talking about the eKrona. More and more central banks are issuing their own cryptocurrencies, after having initially tried to wage war on cryptocurrencies. As the saying goes, ‘if your enemy is stronger than you, make friends with him’. On 28 May 2021, the Sveriges riksbank – the Central Bank of Sweden – made its pilot test of the eKrona official. Already the month before, the Riksbank had declared the first test phase completed. According to Svenska Handelsbanken – one of the most important commercial institutions on the Scandinavian peninsula – the project is “an opportunity to participate in what may be among the first digital currencies issued by a central bank in the world to be available to the public”. The eKrona is presented as a ‘Central Bank Digital Currencies’ (CBDB), an evolution of stablecoins, as they are guaranteed by a central state.
Like all other digital currencies, it is built on blockchain technology, which guarantees security of transactions and anonymity for users. The eKrona cryptocurrency is regulated and has grown in popularity, with the potential to become the official digital currency of the European Union. Unlike Bitcoin, eKrona is partially centralised and therefore influenced by the moves of the Swedish government. This means that its value is strongly correlated to that of the Swedish krona.
What it is
We are talking about Sweden’s first official digital currency. The first stablecoin issued by a European state. More than six months after its launch, the crypto is still in beta testing and is not yet accepted as an official digital currency. However, it is already attracting the interest of traders, being very volatile in these early moments. Indeed, the current value is hovering around 5 times the initial listing price and some analysts believe it could even surpass that of Bitcoin by 2025. Not surprisingly, the first state-owned stablecoin was launched in Sweden, a country that has been at the forefront of many issues for years.
As soon as Ekrona was launched, a trading bot platform was created to automatically invest in the cryptocurrency, even boasting a trading success rate of over 99%. A very high percentage, practically speaking of infallibility of the system. What is certain is that the platform only has Ekrona (EKR) as a cryptocurrency and this is the real news, since usually bot trading platforms tend to have Bitcoin and at most a few other famous currencies. The eKrona platform allows users to choose whether to simply turn on the auto-trading function or follow the manual settings to be followed. Thus, we can set the price below which or above which the eKrona trading bot should buy or sell the eponymous Swedish cryptocurrency.
The trading robot monitors the cryptocurrency markets around the clock and automatically seeks the best profits for its clients. Like other automated trading platforms, eKrona is based on complex algorithms and artificial intelligence. The software uses certain indicators and trading signals to identify the best trades before they happen. The use of robots or trading programs is now commonplace among investors in the financial markets. Trading robots behave like trading software: based on historical data and corresponding signals, the best trades are selected for the client. In general, the platform is clearly structured, and the trading bot can also be used by beginners and more experienced users. The trading program can be used for free, with the only requirement being a minimum deposit.
When a new Ekrona Cryptocurrency account is created, the software verifies the information provided by each user. For verification, the trader must provide their full name, email address and phone number, from any country. The cryptocurrency comes from Sweden but can be used by anyone to generate profits online. Once everything is set up, when the markets are examined and a trading opportunity arises, the programme will automatically trade. The Ekrona Cryptocurrency auto trading platform generates a certain input, and if the signal meets the user’s parameters, it will automatically open a trade. One of the most significant advantages of the procedure is that it happens instantly, without any delays. The automatic trading method will trade even if the user is not in front of the system. This platform does not require any money from traders as it is completely free. This means that when traders make money, they can take home all their winnings.
All positive? In short. The risk with cryptocurrencies is always high, especially if you decide to invest significant amounts of capital. Precisely because of the peculiarity of not accepting Bitcoin, the future of eKrona is uncertain: the Swedish government has not yet officially expressed itself on the matter and, moreover, the close correlation with the national currency limits it, at least for now, to Sweden. It must be said that stable coins bring with them, precisely because of their characteristic of being less volatile and more linked to the currencies of the countries, more confidence, and less anxiety about fluctuations.
A cashless society is, in many ways, more convenient, but only if the payment system is built with everyone in mind. In the development of eKrona, central banks will play a key role in determining how it will be integrated outside Sweden. Careful planning remains necessary to ensure its security and wide use. All of this should be done without undermining the confidence that many countries are showing in cryptocurrencies as an innovative way out of the financial crisis spurred by the pandemic.