It should be possible to integrate an e-krona into banks’ and payment service providers’ own existing systems. This is the conclusion of the Riksbank after testing a technical solution for a potential e-krona. The results are summarised in a new report from the project.
In February 2022, the second phase of the e-krona pilot project began. The aim of the work was to continue investigating and testing the technical solution developed in the project and also to investigate a potential legal framework around it.
During Phase 2, the technical tests have included investigating whether and how an e-krona might function off-line, whether the performance of the tested solution is adequate, and how banks and other payment service providers could be integrated into its network.
The latter has been tested in collaboration with Handelsbanken and Tietoevry.
The tests have shown, for instance, that it is possible to integrate a potential e-krona into the internal systems the banks have today, and this would make it possible for their customers to exchange money in their bank account for e-kronor, and vice versa.
The tests of the technical solution have also shown that it would be possible to make transactions, even off-line. However, off-line payments would entail some risks that need to be managed if a similar solution is to become a reality.
The project has also investigated the legal questions surrounding a potential e-krona. For instance, it has examined what type of asset an e-krona would be. The conclusion is that it could be regarded as an electronic form of cash.
The pilot project aims to increase the Riksbank’s knowledge of how an e-krona could be designed and how it would function.
No decision has yet been taken on whether to issue or on what technical solution or legal framework it might be based.
The work is now entering into Phase 3, which will investigate the requirements made of a future e-krona, among other issues.
Reports on the e-krona
Within the e-krona project, the Riksbank has produced four reports, in which you read about their analysis and conclusions so far.
- E-krona pilot phase 2 (2022)
- E-krona pilot phase 1 (2021)
- E-krona project, report 2 (2018)
- E-krona project, report 1 (2017)
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