November 27, 2022

The Central Bank of Sweden will launch a pilot project of national cryptocurrency

The Central Bank of Sweden will launch a pilot project of national cryptocurrency

Swedish Central Bank Riksbank to sign technology supply agreement with Accenture for the e-krona pilot project.

Riksbank began a project to study the possibility of creating a digital currency of the central bank (CBDC) in the spring of 2017.

Now the bank says it’s ready to start withAccenture is a joint annual pilot project, within the framework of which a technical platform with a convenient user interface for electronic payments from cards, mobile phones and other devices will be developed. Functionality of e-krona will be focused on the end consumer and tested in the "retail simulator".

Partnership is initially designed for up to 31December 2020, however, if Riksbank is satisfied with the results and decides to continue working on digital currency, the contract can be extended for another seven years. Bank representatives emphasized that the issue of electronic crown is still in doubt.

It is worth noting that some fraudsters in Sweden took advantage of the lack of a clear bank position and began selling fake digital national currency in January 2019.