The pilot program for the creation of the state cryptocurrency "e-krona" was launched by the Bank of Sweden together with the international consulting company Accenture.
Sweden's Digital Krona Will Replace Cash
The Riksbank said that cash may soon be phased out in the country, so a dedicated solution needs to be developed to complement fiat currencies, and that's where the digital Swedish krona comes to play.
Earlier it was reported that "e-krona" will operate on the basis of the R3 Corda blockchain. Unlike the open blockchains of Bitcoin and Ethereum, users must receive an invitation to join the Corda network.
The Riksbank said it has not yet made a final decision on issuing its own digital currency. However, this year the bank will continue to explore the potential of state-owned cryptocurrencies and plans to complete this work by February 2022.
In the coming months, the Bank of Sweden will focus on testing the e-krona functionality and attracting external participants. Particular attention will be paid to improving performance and scalability, and testing the stand-alone features of the digital crown.
Bank of Sweden began considering the possibility of issuing a digital currency at the end of 2019. Last year, Riksbank Chairman Stefan Ingves called on the Swedish parliament to legalize the use of the state stablecoin as a means of payment.
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