Payments in Sweden 2020

Digital money – the Riksbank’s e-krona pilot

The Riksbank is testing a technical solution for the e-krona

Published: 29 October 2020

In partnership with the consulting company Accenture, the Riksbank is conducting a pilot project to develop a technical solution for an e-krona that can work as a complement to cash. The aim of the project is to show how an e-krona could be used by the general public. A digital krona must be simple, user-friendly and simultaneously fulfil very high requirements for security and performance. In the test environment, simulated users shall be able to hold e-kronas in a digital wallet and make payments, deposits and withdrawals via a mobile application. The user shall also be able to make payments via cards and so-called wearables, such as smart watches. The pilot project runs until the end of February 2021, with the option to extend and further develop the technical solution.

The pilot project’s technical solution is based on Distributed Ledger Technology (DLT), blockchain technology. It is based on a distribution model that is reminiscent of the model used by today’s cash. Only the Riksbank can create e-kronas, which are then distributed to the general public via participants in the e-krona network, for example banks and payment service providers. The solution will be evaluated in a test environment that will simulate the Riksbank’s internal systems, participants in the network and end users, such as consumers and merchants.