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Sweden’s Central Bank Tests E-Krona Initiative

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Sweden’s central bank, Riksbank, has rolled out plans for a digital currency referred to as the e-krona. The project brings the country a step closer to its previously stated vision of a cashless society. The initiative is being driven by a decline in the use of cash and cash-based transactions. The plan was presented by the Social Democrats in 2016 and is intended to turn Sweden into the world’s first cashless society by 2030. This specific target date was broadly supported by opposition party leaders subject to the government reaching a consensus agreement on the plan with trade unions, banks and the country’s leading national consumer groups. The e-krona project is being run as a pilot to test the suitability of different digital currencies. It will be used to determine how the e-krona can be best used to provide the public with access to state-guaranteed means of payment. The central bank has not made a decision on whether the e-krona is a short or long-term possibility.