Sveriges Riksbank

The Swedish economy contracted more than expected in the second quarter as exports from the Nordic country fell, official statistics showed on July 28.

Sweden's economy shrank by 1.5 percent in the April-to-June period compared to the same quarter last year, according to Statistics Sweden's preliminary data.

Analysts had expected a drop of 0.5 percent, according to Bloomberg.

Sweden's government will start exploring the feasibility of having the country move to a digital currency, marking another step into the unknown for the world's most cashless society.

The Swedish Central Bank and the Bank of England carry out researches on whether they should start issuing Central Bank Digital Cash (CBDC) and compete with bank credit as a means of payment.