What is it?
The Riksbank started a project in the spring of 2017 to examine the scope for the Riksbank to issue a central bank digital currency (CBDC), a so‐called e‐krona, as a complement to cash. What was the motivation: as cash use continues to decline in Sweden it could end up be so marginalised that it becomes difficult to use as a means of payment.
Sweden, like the other Nordic countries, is currently a pioneer with regard to digital developments. This is probably one reason why Swedes have begun to use various digital solutions, such as Swish, relatively quickly. The Swedish Bank‐ID app that enables simple and instant identification has also strongly contributed to this development. Swedish legislation also makes it possible for private companies to waive the obligation to receive cash if they clearly provide information that they do not accept payment in cash, for instance by means of a sign beside the till or entrance.
How would it work?
The e‐krona should be broadly accessible to all members of society and can either be held in an account with the Riksbank or comprise a prepaid value that is stored locally on a card or in an app on a mobile phone. Just as in the case of cash, the Riksbank does not itself need to supply e‐krona to households and companies, but will instead offer an open infrastructure where other participants can create payment services to offer to the general public. The e‐krona platform, where the central register for e‐krona is located, must have connections to other systems in the form of external systems, internal systems and settlement systems.
