The concept of a Swedish CBDC lives on, despite the concept not necessarily appealing to most people. As a result, Accenture and the local central bank have extended their contract. Another year of technical trials lies ahead, by the look of things.
Riksbank Remains Committed to Its CBDC
It is interesting to see Sweden pursue this CBDC even though it is far from production-ready. The Swedish central bank and Accenture have been exploring this opportunity for some time now. Initial research and development date back to 2017. Even so, at least another year of technical trials is required before anything will happen.
For Riksbank, the dwindling use of cash in the country warrants exploring a CBDC concept. That makes sense, as the currency ensures users still have access to a state-guaranteed means of payment. The question is whether people still have sufficient faith in the state to warrant exploring a central bank digital currency.
E-Krona division head Mithra Sundberg explains:
“In phase 3 we will begin to formulate a basis for the requirements for an e-krona if a decision is made to issue it. All the tests, analyses and investigations carried out will form a base for this work. We will also draw on experience from the rapid international development that is now taking place in this field.”
The current focus lies with engaging technology providers to support the infrastructure for this CBDC. Additionally, there is a demand for further input from market participants and the general public to determine the future of this research. A new report will be published in Spring 2022.