Riksbank, the central bank of Sweden, has launched a pilot project aimed at developing and testing a digital currency, e-krona.
The Riksbank regards e-krona as a state-backed digital currency that one day might play a similar role as physical cash does today.
Based on blockchain technology, the technical solution for e-krona will be evaluated in a test environment, in which the participants, i.e. general public and banks, are simulated.
The project’s aim is to show how e-krona could be used by general public.
“A digital krona should be simple, user-friendly as well as fulfill critical requirements for security and performance. In the test environment, simulated users shall be able to hold e-krona in a digital wallet, make payments, deposits and withdrawals via a mobile app. The user shall also be able to make payments via wearables, such as smart watches and cards. The pilot project runs until the end of February 2021, with the option to extend and further develop the technical solution,” the Riksbank said.