Work on e-krona entering new phase

Most of the world’s countries and central banks are currently looking at the possibilities of digital central bank currencies. In the EU, work is underway on a digital euro, which could have consequences for Sweden, too. The Riksbank is therefore choosing to focus more on the work concerning the consequences of, and requirements for, an issuable e-krona, and is closely monitoring international developments in this respect. This also includes investigating what amendments are required to existing legislation, should the Riksdag decide to issue an e-krona. This is also in line with the Payment Inquiry report presented in the spring, which states that the Riksbank should continue to evaluate the conditions for introducing an e-krona, to enable its introduction within a reasonable time if the Riksdag makes such a decision.

As the work on an e-krona enters a new phase, the pilot project is brought to a conclusion. The Riksbank’s e-krona pilot project began in spring 2020 with the aim of testing technical possibilities for an e-krona and deepening its focus on policy issues relating to the issuance of Swedish krona in digital form, available to the general public. The project’s work on evaluating a digital krona has been carried out in an isolated IT environment where, for example, the possibilities to make off-line payments and streamline cross-currency payments have been tested. The insights from the pilot project will be valuable in the continued work on the design of an issuable e-krona.