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Swedish Riksbank Strides towards Final Execution of ‘E-krona ‘Project

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INDIA

Dec, 27 2019

Dec, 27 2019

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Highlights

  • Final Procurement of the ‘e-krona ‘pilot project for technology supplier implemented.
  • An agreement between technology partner Accenture and Riksbank may soon materialize
  • ‘E-krona ‘pilot project to evaluate the feasibility state-owned digital currency. 

Swedish Central Bank Riksbank has executed final stride in its ‘e-krona ‘pilot project. It has finalized three technology suppliers through a procurement tender for this pilot project. It is anticipated that soon the Riksbank will sign a consensual contract with its technical consultant partner Accenture for the project. The basic objective of this pilot program is to evaluate and expand the technological spectrum for the ‘e-krona ‘project.

The Final phase of ‘e-krona ‘Pilot Project
The E krona test project has reached at its final phase which is aimed at reviewing the response and viability of ‘e-krona ‘currency to the test environment. At the initial stage, a user-friendly technology platform will be built that will facilitate the users to carry out day to day transactions at retails outlets, payments to service providers and to other national payment systems.Project environment will be run-up to December 31, 2020 which might get extended up to 7 years as per the terms and conditions in the agreement.  If the bank extends the pilot, it aims to add more features and functions for evaluation in this project.

The Procurement
The procurement tender was submitted by 11 suppliers out of which the Riksbank selected 3 suppliers who offered best quality at best price. The bank has indicated that it hasn't reached on any final decision. But by the year-end, it might sign the agreement with Accenture.

What is E- Krona Project?
 As majority of Swedish citizens are switching towards digitized payments, Riksbank wants to promote a secure, efficient and user-friendly payment system. So in the spring 2017, it had initiated a pilot project to assess the sustainability of state-owned Central Bank digital currency (CBDC) or ‘e-krona ‘which is the digitized form of the Swedish kroner. The bank is evaluating legislative constraints and feasibility and potential impact of e- krona on Swedish economy. It already has submitted a proposal to the Swedish parliament for revival of this project.  It also wants to consider opinion of general public, other central authorities and market associates in this regard. No final decision has been taken yet on issuing of e-krona


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