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


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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