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E-Krona Testing Period Is Being Extended

The Central Bank of Sweden (Riksbank) has announced that the pilot project for e-krona has been extended for another year and that it hasn’t yet decided if it will ever release the digital currency.

As the usage of cash started to dwindle in Sweden, in 2017, Riksbank started a project that aimed to examine the scope of creating a CBDC.

In February 2020, the bank talked about its plans to create a year-long pilot project in collaboration with Accenture in order to develop the technical DLT-based platform with a user interface that allows e-krona payments from cards, smartphones, etc.

Now it was announced that the project was extended for another year as the parties continue their work on the technical solution by focusing on several aspects, such as performance, scalability, bringing external participants into the test environment, etc.

Riksbank also declared that e-krona would need registers behind them so that they can keep track of who owns money.

“The link to these registers means that neither the token-based nor the account-based money can offer the same anonymity as cash, as the transactions will be traceable. Nor will offline payments, where there is no communication with the register, be possible to any great extent,” explained the bank.
The plan is to have CBDCs transacted from one device to another without the use of banks by using Bluetooth or Near Field Communication.
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