Sweden begins testing digital crown

Against the backdrop of a decline in the use of cash in Sweden, the country's Central Bank, together with Accenture, has begun testing a digital krona.

The pilot project is designed for one year and will lastuntil February 2021. The goal of Riksbank is to create a generally accessible, safe and efficient national payment system, which in the future can become the basis for settlements instead of traditional money. However, for now, electronic krone is being offered as an innovative addition to cash.

During the trials, the Riksbank will study the impactdigital crowns on the economy and society, as well as develop proposals for amending legislation.

Sweden began developing its own CBDC in the spring of 2017.

Despite testing the concept, the finalthe decision to launch the new system is still open, and even after the tests are completed, the Central Bank will continue to engage in dialogue with financial market participants, government agencies and citizens, until all parties come to a unified solution.

Among other leaders in this direction are:highlight China, where real tests of the digital yuan began in December 2019, as well as the Marshall Islands, which launched the national digital currency Sovereign with a fixed increase in the money supply back in April last year.

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