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Sweden's Riksbank exits Phase 2 of CBDC technical tests

Sweden's Riksbank exits Phase 2 of CBDC technical tests

Sweden's central bank has extended its contract with Accenture as supplier for its CBDC experimental project for a further year following the completion of Phase 2 technical trials.

With cash usage dwindling in Sweden, the Riksbank started a project in the spring of 2017 to examine the scope for the creation of a CBDC that could ensure that the general public will still have access to a state-guaranteed means of payment.

In the technical tests during phase 2, the Riksbank examined issues such as offline function, performance and integration of external participants - including Handelsbanken and TietoEvry - into the e-krona network.

Mithra Sundberg, head of the e-krona division, says: “In phase 3 we will begin to formulate a basis for the requirements for an e-krona if a decision is made to issue it. All the tests, analyses and investigations carried out will form a base for this work. We will also draw on experience from the rapid international development that is now taking place in this field."

In addition, the project will have a dialogue with technology providers, she says, and will take input from various parties in the payment market and from the general public.

“We will also continue, to a limited extent, with some technical tests simply to learn more. We have therefore extended the agreement with Accenture as technical supplier for another year from February 2022." says Sundberg.

The conclusions from phase 2 are set to be presented in a report to be published in spring 2022.

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