krona - the next step in the development of the Swedish economy

The central bank of Sweden has announced that it has begun a pilot project to test a CBDC (digital currency issued by the central bank) of the national currency, e-krona. The pilot program will be in operation for one year, until February 2021.

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1 E-krona – the next step in the Swedish economy

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“The use of banknotes and coins is declining in society. At the same time, technological advances in electronic money and payment methods are rapidly developing. Riksbank sees potential problems with cash marginalization and has therefore initiated a pilot project to develop a technical solution proposal for the Swedish crowns in electronic form, an e-krona ”

is mentioned in the announcement published on the official website of the bank.

An e-krona would give the general public access to a digital cash supplement, where the state would guarantee the value of money.

The technical solution for this test CBDC was developed in partnership with Accenture. Riksbank aims to investigate whether and how the e-krona would affect Swedish law and the role of the bank in the economy.

E-krona – the next step in the Swedish economy

The Swedish bank underlined that no official decision on issuing an e-krona has been made yet. If and when the CBDC officially launches for public use, the idea is that this blockchain-based currency would lead to conventional payments and banking across the country.

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CBDCs are a topic that has sparked a lot of interest, and Sweden is the second country (after the Bahamas) to reveal what appears to be a true national cryptocurrency. The Bahamas launched a CBDC pilot program in December and is planning a full launch sometime in the second half of 2020.

China seems to be developing its own CBDC, but developments so far are not as consistent as Sweden and the Bahamas.

The launch of a CBDC in Sweden seems to match the current state of the use of cash in the country’s economy. Fewer citizens are using cash, which makes the use of digital money the next step in the Swedish economy.