e-krona: Bank of Sweden launches cryptocurrency pilot

Since 2017, the Riksbank leads a project around a CBDC, a Swedish e-crown or e-krona. The central bank is now taking a new step. In partnership with Accenture, it launches a pilot to define a technical solution for digital currency.

The Banque de France this week announced the upcoming launch of a call for projects to experiment with a digital currency for financial institutions. It does not exclude, moreover, the idea of ​​one day issuing such a currency for the general public.

The work of his Swedish counterpart in this area has gone far beyond this stage. The Riksbank makes it known that it will now develop a technical solutione-crown (e-krona) intended for special.

New step: a technical solution for an e-krona

And if the Sweden acts as a pioneer in this field, it is because of the now very low use of cash in the country. In 2016, only 15% of payments made in stores were in cash.

The cash are essential to a central bank to exercise its missions.

Riksbank's mission is to promote a safe and efficient payment system, a task that may be more difficult if cash is no longer used as a means of payment by the majority of households and businesses in the future. , ”Notes the latter.

Since spring 2017, the Riksbank so work on an e-krona project. And now is the time for the central bank to take a new step. She announced that she would collaborate with Accenture on a pilot project.

The effects of a CBDC on the Swedish economy under study

This project aims to develop a technical solution proposal for a e-krona. The actual issuance of a CBDC has not yet been decided. Such a decision belongs in particular to parliamentarians, to whom the Riksbank initially proposes to form a group of experts.

The central bank of sweden Furthermore, it will continue its investigation to determine to what extent an electronic crown would affect Swedish law and its missions. His work will also deepen the study of the need and the effects of such a currency on the country's economy.

There is no decision on whether or not to issue an electronic crown, but the Riksbank continues to study the possibilities of issuing an electronic crown to increase its skills and thus be better prepared to face a new one. digital payments market, ”she concludes.