Sweden is studying a potential transition to the e-krona CBDC

Sweden is studying a potential transition to the e-krona CBDC

Sweden is studying a potential transition to the e-krona CBDC


The Swedish government is progressing with its central bank digital currency, or CBDC, by launching a formal review of a potential transition to the digital currency.

According to a Dec. 11 Bloomberg report, the review will explore the feasibility of moving the country's payments infrastructure to a digital currency. The country features one of the most cashless economies in the world.

Per Bolund, Sweden’s financial markets minister, reportedly said that the government expects to complete the digital currency review by the end of November 2022. Anna Kinberg Batra, a former chairwoman at the finance committee Sweden’s central bank Riksbank, would lead the initiative.

Bolund emphasized that it is crucial to ensure that the digital payment system in the country the functions in a safe way, and is “available to everybody.” “Depending on how a digital currency is designed and which technologies are used, it can have large consequences for the entire financial system,” the minister said.

Sweden has emerged as one of the major CBDC technology pioneers, announcing a pilot platform for a digital currency known as e-krona in late 2019. In order to build the platform, Sweden’s central bank partnered with Irish professional services company Accenture. The Riksbank launched its first e-krona pilots in February 2020, claiming that the testing will be in operation until February 2021.

In October 2020, Riksbank Governor Stefan expressed confidence that an e-krona should be issued by the central bank and recognized as legal tender. Last year, Stefan said that Sweden’s central bank cannot be the only institution to decide on the future of an e-krona implementation:

“Considering how economically important the issue is, the Riksbank cannot take the decision on its own as to whether an e-krona should be introduced and, if so, in what form. It is a decision that must have substantial political support […]”

Article produced by HELEN PARTZ



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Heiko Closhen, Entrepreneur

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One Comment

  1. The era of central bank digital currency (CBDC) has begun and 2020 will definitely be remembered as one of the golden years of this trend. The latest movement in the CBDC race comes from Sweden, as recent reports suggest that regulators in the nation are examining the risks and consequences of moving on to a digital era with its e-krona. Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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