On the 15th of November, the Swedish Central Bank released a statement inviting financial market participants to participate in a second phase of the e-krona pilot. The e-krona project seeks to test how e-money can be structured and used in the modern economy. This project is not another cryptocurrency project, as the Central Bank has studied cryptocurrencies extensively and has concluded that the technology has a significant role to play in the future of money.
After the first phase of the e-Krona pilot, a number of companies have registered to participate in phase two. However, the central bank has clarified that all the companies that registered in phase one will have to pay the first phase’s one-time registration fee again because the central bank has decided to extend the trial period. “In the second phase of the e-Krona project, the central bank invites all market actors with an interest in the project to take part in the discussion on the development of the project. The company that is accepted to participate will have to pay a one-time registration fee of approx. SEK 100 000. The payment can be made along with the application to participate. In the first phase of
The Central Bank of Sweden (Norges Bank) has invited financial market actors to participate in the next phase of the e-krona pilot project. This is the second phase of the pilot project, which is expected to take place in the summer of 2018. In the first phase of the e-krona pilot, the participants were mainly large companies in the financial sector.Sveriges Riksbank, Sweden’s central bank, will implement the next phase of its e-krona project with the help of two financial sector organizations. This step shows the transition from initial internal testing with simulated participants to collaboration with real external partners.
Riksbank will cooperate with Handelsbanken and Tietoevry to test e-krona
The main task of the new phase of the pilot project will be to test the technical solution of the e-crown with the participation of real market participants. To this end, the Riksbank invited Handelsbanken, one of the country’s largest banking institutions, and Tietoevry, a company that provides digital software and services. In an announcement released Friday, the regulator said: The involvement of external organisations as participants in the test environment enables the Riksbank to assess the integration between the participants’ existing systems and the e-krona pilot project’s technical platform. One of the elements being tested is the integration of payment flows developed during the first year of the experiment with the new participants’ internal systems, the Riksbank said. The partners will model how banks can interact with e-krona’s infrastructure, Tietoevri said in a separate press release: Tietoevry will develop and test the process of exchangeability between commercial currency and e-cronor and analyze how it can be implemented safely and efficiently. The company, which is headquartered in Finland, also highlighted its unique position in the Nordic financial ecosystem with its broad customer base of banks and payment service providers. More than 70% of all bank transfers in the Nordic countries are made through their payment systems, and fintech is behind the leading mobile payment providers in Sweden, Norway and Finland.
Swedish central bank integrates E-krona into existing banking infrastructure
Our role in the Swedish payments infrastructure is well established, and Tietoevry is a natural partner when it comes to exploring the possibilities of integrating digital currency into the existing banking infrastructure, says Christian Segersven, head of solutions and software development for financial services. We look forward to supporting this journey towards an inclusive digital currency, which will provide opportunities for innovative and secure services, he added. Svenska Handelsbanken, another partner in the second phase of the e-krona pilot project, is one of Sweden’s largest banks, with more than 400 branches across the country. The company was founded in 1871 and is also the oldest company to be listed on the Swedish stock exchange. In recent decades Handelsbanken has expanded its business to other countries in the region, as well as to the Netherlands and the United Kingdom, where it has more than 200 branches. Sweden’s plan to issue a central bank digital currency (CBDC) goes back several years. At the end of 2020, the Stockholm government began investigating the possibility of digitizing the national currency, the Swedish krona. The Scandinavian country has already built the most cashless society in the world. The evaluation should be carried out within two years from the date of entry into force. Last month, the Riksbank announced the completion of the first phase of the study and published a report highlighting the continued decline in the use of cash in the country. The Swedish Central Bank stressed that the project should be continued and that the participation of market participants currently participating in the tests and expected to join the e-krona network in the future should be encouraged. What do you think of the Riksbank’s plan to digitize the Swedish krona? Let us know your comments in the section below.
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banks, CBDC, central bank, enterprise, digital currency, e-krona, commercial banks, infrastructure, krona, partner, pilot, plan, project, evaluation, riksbank, Sweden, swedish crown, tietoevry Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The Central Bank of Sweden, or Riksbank, is currently in the final stages of designing the central bank digitalization process that will eventually result in the digitalization of the Swedish Riksbank’s operations. The bank is private and there are no plans to make it public, which has caused the Riksbank to host a number of meetings and discussions with banks, vendors, and other interested parties in order to explore the feasibility of a public e-krona as an alternative to existing fiat currencies.. Read more about e-krona Binance and let us know what you think.
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