Sweden’s Central Bank, Riksbank, Partners with Accenture to Develop CBDC Dubbed ‘E-Krona’

The wave of Central Bank Digital Currency (CBDC) is gaining momentum after China’s progress and expected coin launch in 2020. Sweden is the latest country to announce a pilot test plan for the ‘e-krona’ digital currency; this will be its CBDC in the near future as more governments continue to embrace FinTech in digital payments.

According to a press release on Dec 13 by Sweden’s regulator, Riksbank, they will partner with Accenture to implement this DLT compatible tech. The IT consulting giant will be tasked with designing and creating the UI features for e-krona digital currency in the next one year as per the contract. Riksbank however noted that they are open to work together with Accenture for as long as 7 years which is the schedule period for running pilots on its CBDC.

This move has just brought e-krona digital currency closer to being a reality especially with the Swedish shift to digital payments in recent years. Canada’s Central Bank Deputy Governor had earlier on commented on this shift as he spoke at the Philadelphia Fed Reserve FinTech Conference noting that Swedish authorities need to act before tipping point.

Riksbank started its research on a CBDC back in 2016 and has since documented two reports on this progress. The Central Bank through its Deputy governor said that they are under pressure to shift to electronic money given stakeholders within the Swedish economy have moved away from bills and coins. Events around the globe also largely catalyzed the dive into a CBDC project; notably is Facebook’s stablecoin ‘Libra’. Stefan Ingves, the Governor of Riksbank, termed the move by Facebook as catalytic and important.

It is yet to be clear if the tech that Accenture will implement will be used to run e-krona given this procurement was classified as National Security information. This development by Sweden comes as their Switzerland crypto-friendly counterparts thwarted any plans to launch a CBDC for its population.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,485FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today