Central Bank of Sweden to Integrate E-krona With Existing Banking Infrastructure

Central Bank of Sweden to Integrate E-krona With Existing Banking Infrastructure

“Our role in the Swedish payment infrastructure is well established, and Tietoevry is a natural partner when exploring how to integrate a digital currency with existing banking infrastructure,” said Christian Segersven, head of financial services solutions and software development. “We are looking forward to supporting this journey towards an inclusive digital currency that will open up for innovative and secure services,” he added.

Svenska Handelsbanken, the other partner to get involved in the second stage of the e-krona pilot, is one of Sweden’s largest banks, with more than 400 branches across the country. Founded in 1871, it’s also the oldest company listed on the Swedish stock exchange. In the past couple of decades, Handelsbanken has been expanding its operations in other countries in the region as well as Netherlands and the U.K., where it has over 200 branches.

Sweden’s plan to issue a central bank digital currency (CBDC) dates back to a few years ago. Towards the end of 2020, the government in Stockholm began exploring the feasibility of digitalizing the national fiat, the Swedish krona. Arguably, the Scandinavian country has already built the world’s most cashless society. The review should be conducted within two years of its launch.

Last month, Riksbank announced the completion of the first phase of the study and released a report which highlighted the continuing decline of cash usage in the country. The central bank of Sweden emphasized the need to proceed with the project and facilitate the involvement of market actors expected to take part in the testing now and join the e-krona network in the future.