Work on e-krona entering new phase
News The Riksbank is focusing more on the design of an e-krona that can be issued, and on investigating what amendments are required to existing legislation should the Riksdag decide to issue an e-krona. The work is based on the ongoing international work on digital central bank currencies. This also means that the pilot project, which tested and evaluated the technical possibilities of an e-krona, is being concluded. The insights gained from the pilot project will be valuable in the continued work.
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.