The world of cryptocurrencies is not immune to the risk of fake news like the one where Sweden adopts a cryptocurrency. Since this is a very volatile market, in which there is still no single regulation, some news turn out to be simple false informations.
A few months ago it happened to Sweden, which seemed to have become the first country to officially adopt the Kryptonex cryptocurrency as an official currency.
When should Sweden have adopted a cryptocurrency as an official currency?
Around April of this year, a rather resounding voice had begun to spread. The voice that the Swedish government was planning to replace its official currency, the Swedish krona, with a cryptocurrency called Kryptonex.
It was the period when it was ruomred that Estonia had the same intention, but that its attempt had been blocked by the Central Bank of Europe. Since Sweden is not part of the Euro-zone, its project to adopt a cryptocurrency as an official currency did not seem so abstruse.
Kryptonex was one of the worst scams of 2018 for the cryptocurrency market.
The real goal of the imaginary Kryptonex Research Group was to invite investors to deposit money in their funds, but without any regulated brokers. It was some sort of a pyramidal business, where those who joined the scam received a commission to attract new customers in the investment group.
One of the workhorses of these scammers was the scoop. That was based on the fact that Sweden was about to replace the Swedish krona with their digital currency, Kryptonex.
In reality, the real news is that Sweden is seriously working towards digitizing its national currency, which should replace cash and other paper payment methods. But not that Sweden will adopt a cryptocurrency to make up for all the current money.
The currency on which Sweden is reflecting is the e-Krona, as stated in this official statement by Sveriges Riksbank, the Swedish central bank.
That Kryptonex’s story is therefore completely false. The fraudulent research group had even set up a fake webpage called Coinvest, extremely similar to the authoritative Coindesk, in which they announced the news.
The moral of the story is simple: before investing your money in a new cryptocurrency project, check your sources and try not to fall into the fake news loop!