The Swedish central bank chief Stefan Ingves is backing Facebook, on its plan to use Libra. This is the social media giant’s cryptocurrency, and Ingves thinks it is the way to go in the digital era.

Ingves and his perspective about the matter

In this particular regard, the official has called upon all the global central banks to embrace the new ways of doing things.

Ingves opined, “It has been an incredibly important catalytic event to sort of shake the tree when libra showed up out of the blue, and that forced us to think hard about what we do.”

The official said that he was doing all within his means to make the Swedish krona a massive success. To explain his point, he made a close reference to the use of the copper coins back in 1668. The official said that it wasn’t advisable resorting to such means because getting out of business would be inevitable sooner or later.

The situation in Sweden

The Riksbank has been considering the pros and cons of digital currency issuance. It hasn’t yet made its final determination. From the look of things, there are chances the new wave might just take over. This is in regards to some two very critical aspects. The first one is the fact that Sweden has recently been declining the usage of cash in what many would term a dramatic manner. Second, a large number of stores in the country have been reluctant to accept physical coins and notes. Some of the retailers that won’t let customers make cash payments.

However, the support of the top official might not be all that Facebook needs to pull its deal through. The company faces pressure from several critics who have vowed to block the company on its quest to introduce the cryptocurrency. Some of the critics are Germany and France. Speculations continue as people wait for Mark Zuckerberg to make his statement. Reports show that Zuckerberg will soon be in Capitol Hill and will give his address to some US lawmakers. These lawmakers look forward to listening to the leader speak on Libra. They have already prepared a list of questions that they will require Zuckerberg to answer.