The pilot project runs until the end of February 2021 with the possibility for further extension

Swedish bank pilots e-krona technical solution. Source: flickr.com

The Riksbank announced a pilot project with the Irish company Accenture to develop a technical solution for an e-krona. They want the digital currency to work as a complement to cash. The aim of the project is to show how an e-krona could be used by society.

They see a digital krona as a simple, user-friendly currency, able to fulfill critical requirements for security and performance.

In the test environment, simulated users will be able to hold e-krona in a digital wallet. It will allow them to make payments, deposits, and withdrawals via a mobile app.

Besides, the user will also be able to make payments via wearables, such as smartwatches, and cards.

The project’s technical solution will be based on Distributed Ledger Technology (DLT), often referred to as blockchain technology. The e-krona technical solution will be evaluated in a test environment, with simulated participants like the general public and banks.

For now, there’s no decision on issuing an e-krona, how it might be designed or what technology might be used. The main purpose of the pilot is for the Riksbank to increase its knowledge of a central bank digital krona.

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