Swedish Central Bank to Test Launch e-Krona on R3’s Corda
- Increasing demand for the digitized currency has forced the regulator to explore a CBDC.

Riksbank, the central bank of Sweden, announced the pilot launch of e-krona on Thursday, aiming to explore the possibilities of issuing a central bank digital currency (CBDC).
The central bank, however, made it clear that the pilot project is only for the learning experience as it has not yet decided to embrace the concept of CBDC.
The monetary regulator also cited the Swedish society’s inclination to move away from fiat towards a cashless system behind its motive to explore the area of digital currency.
Challenging the private monopoly on digital currencies
“The main reason that an e-krona has become so relevant is the sharp decrease in cash usage seen over the last decade,” Riksbank stated. “There is no digital state money available to the general public, however, and the digital money and payment methods that are available are provided by private market players. The digital money is, therefore, a claim on a private player in contrast to cash which is a claim on the state.”
The announcement explained that e-krona would only be a digital version of the country’s fiat, reducing the risk of the krona’s position being weakened by competing for private currency alternatives.
The central bank has chosen IT giant Accenture to provide the underlying technology for issuing the digital currency. The firm has received the contract until February 2021, with the option to extend it further.
The pilot currency will be issued on R3’s Corda Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term.
However, Riksbank clarified that its partnership with Accenture is only for the pilot project, and it will seek a new technology supplier if it decided to move forward with the project.
Riksbank, the central bank of Sweden, announced the pilot launch of e-krona on Thursday, aiming to explore the possibilities of issuing a central bank digital currency (CBDC).
The central bank, however, made it clear that the pilot project is only for the learning experience as it has not yet decided to embrace the concept of CBDC.
The monetary regulator also cited the Swedish society’s inclination to move away from fiat towards a cashless system behind its motive to explore the area of digital currency.
Challenging the private monopoly on digital currencies
“The main reason that an e-krona has become so relevant is the sharp decrease in cash usage seen over the last decade,” Riksbank stated. “There is no digital state money available to the general public, however, and the digital money and payment methods that are available are provided by private market players. The digital money is, therefore, a claim on a private player in contrast to cash which is a claim on the state.”
The announcement explained that e-krona would only be a digital version of the country’s fiat, reducing the risk of the krona’s position being weakened by competing for private currency alternatives.
The central bank has chosen IT giant Accenture to provide the underlying technology for issuing the digital currency. The firm has received the contract until February 2021, with the option to extend it further.
The pilot currency will be issued on R3’s Corda Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term.
However, Riksbank clarified that its partnership with Accenture is only for the pilot project, and it will seek a new technology supplier if it decided to move forward with the project.