The central bank of Sweden might soon launch the e-krona

The central bank of Sweden might soon launch the e-krona
December 18
08:00 2020

Riksbank, the central bank of Sweden, has taken another step towards the launch of its own CBDC (Central Bank Digital Currency), Cryptonews.com reports. The currency has received the name “e-krona.” Moreover, a feasibility review into the token was already launched to be completed in 2022.

According to the source, the Swedish central bank collaborated with the firm Accenture on the creation of the digital token. They announced the work on the project back in February. However, it does not seem that the issuance of the e-krona is certain.

The issuance of Swedish CBDC is very likely though because the country takes pride in using the least cash among all nations. The source notes that 90% of all transactions in Sweden are cashless, so the CBDC nicely fits into that landscape.

Although Swedish use the least cash, the country is definitely not the first to introduce its own CBDC. Particularly in light of the Covid-19 pandemic, using digital payments has become more convenient than ever. Earlier this year, the Bank of Lithuania has launched its CBDC that received the name LBCoin. At the same time, South Korea has partnered with a consulting firm to build an infrastructure for its CBDC pilot. Besides, China is already allowing purchases with digital yuan.

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