Central Bank of Sweden tests technical solution for national e-currency

This is a pilot project designed for a year, and computer models will be its participants.
The Central Bank of Sweden, together with Accenture, has launched a pilot project aimed at developing a proposal for a technical solution for electronic krona or e-krona.

The technical solution will be based on DLT or blockchain technology, and the project goals are “creating a digital crown in an isolated test environment that will be simple and convenient for the user” and “expanding the bank’s knowledge of the digital krona”.

It is assumed that a digital or electronic crown will be able to complement the usual banknotes. Of course, for this it must be simple and user-friendly, and also meet the critical requirements of security and performance. To verify compliance with these requirements, the technical solution will be evaluated in a test environment in which participants, such as banks and the general public, are computer-simulated.

Users simulated in a test environment will be able to store electronic kronas in a digital wallet, make payments, replenish accounts and withdraw funds through a mobile application. They will also be able to make payments using wearable devices. The pilot project will last until the end of February 2021 with the possibility of extension and further development of a technical solution.

The Bank clarifies that a decision to issue an electronic krona has not yet been made and the corresponding technology has not yet been selected.