A clickbait article copying the layout of Coindesk has made the rounds, suggesting that Sweden has approved a niche digital asset as a national currency.
In true fake news style, the article reads, “It’s finally happened. A major worldwide government has just bestowed a huge vote of confidence and legitimacy onto the world of cryptocurrencies.
E-Krona: The Swedish Blockchain Currency Under EU Rule
Sweden, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as Sweden’s official coin!”
The piece even goes on to offer a corroborating quote from Sir Richard Branson.
The story, however, is a shilling piece to sell tokens.
The fake article claimed the Sweden Coin could be bought for 0.33 euro, but the site showed later a price of 0.91 euro. In addition, the website seems to be out of date, promising that the asset would reach 5,000 euro by the end of November 2018.
Sweden’s GDP in 2018 is $550 billion, which exceeds the current value of the entire crypto market.
Assuming this token exists, it would have incredible valuations. This is highly doubtful since it is not found as an Ethereum token.
The site may be running a small-scale pyramid scheme, which leads to appreciation of the asset, at least on paper.
It appears to have all the trappings of a scam, right down to the comments section.
So far, no country has adopted a digital asset as a national currency.
The proposed Estcoin of Estonia was shot down with comments from the European Central Bank. The Marshal Islands are planning the Sovereign (SOV) launch, but the fate of this experiment will become clear a few months into 2019.
Cryptocurrency-related scams are nothing new, especially when it comes to attempted sales of coins with the promise of future appreciation.
But in the case of Sweden Coin, which only opened sales on December 19, the intention may be to attempt an outright money grab. The coin, which promises a total supply of 29 million, would hypothetically cost more than $18,900 in order to serve the size of the Swedish economy.
Such outlandish valuation is highly unlikely despite the alleged endorsements of Bill Gates and Kim Dotcom. For now, only a few thousand coins have reportedly been sold.