Sweden’s central bank, the Riksbank, first announced its interest in launching a national digital currency a little more than three years ago. At the time, the public expressed little interest in the idea. According to Reuters, however, the bank has apparently maintained its interest in the initiative and today announced plans for a digital currency pilot project.
In a statement, the central bank announced that it will be signing an agreement with consultancy firm Accenture to develop an initial pilot platform. The goal is to create a platform that can be used to host a potential e-krona digital currency.
The bank noted that the program’s main purpose is to provide deeper understanding of the technology and its potential benefits.
The bank also continues to be concerned about Sweden’s declining use of cash. As DCEBrief reported in January 2017, Sweden had seen a 40 percent reduction in cash usage in the previous seven years. The Riksbank digital currency was seen as a possible solution that could satisfy citizens’ increasing desire to use alternative payment options like electronic commerce and credit cards.