HotcryptoNews
  • Home
  • Activity
  • News
  • Article
  • About
  • Contact
  • Log In
  • Register

HotcryptoNews

  • Home
  • Activity
  • News
  • Article
  • About
  • Contact
  • Log In
  • Register
0

 

News

Accenture Picked to Build Sweden’s E-Krona Digital Currency Pilot

by Nyssa December 16, 2019
Posted by Nyssa December 16, 2019

Sweden’s central bank has tapped Accenture to develop its e-krona digital currency pilot project, the Riksbank announced in a press release Friday.

Accenture will build out the e-krona’s consumer-facing features – such as how a user would pay on various mobile platforms – and run them in a test environment with “simulated stores.” Its initial contract lasts for one year, but Riksbank said it is open to as many as seven years of tests.

Riksbank hasn’t committed to issuing an e-krona at this time.

Regardless of the limitations, the partnership, which the central bank intends to sign later this year, is set to move the Scandinavian nation’s long-awaited e-krona one step closer to reality.

Such a development could tap into Sweden’s growing aversion to physical cash. Swedes have flocked so readily to cashless payment alternatives that the Bank of Canada’s Deputy Governor Timothy Lane said physical kronas are falling out of use.

“You’re actually reaching a tipping point [in Sweden],” Lane said at the Philadelphia Federal Reserve’s November Fintech conference. “Merchants are increasingly refusing to accept banknotes and banks are increasingly not offering services to process banknotes.”

Cash-free financial headwinds prompted Riksbank to begin studying an e-krona long before the more recent central bank digital currency (CBDC) rush. In 2016 the bank’s Deputy Governor Cecilia Skingsley said Riksbank was “facing pressure” to move away from coins and bills the public largely balked at.

It then began to study an e-krona in depth. Two reports, the first in September 2017 and a followup one year later, outlined everything from a digital currency’s legal ramifications to its impact on bank lending rates.

Notably, those reports revealed Riksbank’s reticence to base any such digital currency on a blockchain or distributed ledger technology (DLT), which Riksbank labeled an “inefficient technology.” But its 2018 report nonetheless stated that “an e-krona should be able to interact with DLT solutions.”

It is not clear what technology Accenture’s proposed e-krona will utilize. Riksbank classified the procurement process in its June 2019 proposal solicitation, calling the information “important to national security” in a press release at the time.

0 comment
0
FacebookTwitterGoogle +Pinterest
Nyssa

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

previous post
next post
In 2019, Students Demanded Blockchain Education. In 2020, It’s Coming

related articles

Edge Wallet Integrates Two New Payment Options, One...

July 15, 2019

Bitmain Likely Lost $400 Million Last Quarter: BitMEX...

September 28, 2018

Japan: Hacker Involved in 15 Mln Yen Crypto...

March 16, 2019

Crypto Wallet Offers the Purchase Bitcoin and Ether...

August 22, 2019

Here’s How BitTorrent And TRON (TRX) Plan To...

March 9, 2019

Why Facebook Libra is built on blockchain

September 27, 2019

US Politician Brad Sherman Calls For Crypto Ban,...

May 13, 2019

CEO Behind GAW Miners, PayCoin Ponzi Scheme Sentenced...

September 15, 2018

Post-ICO Startup Survival Rate Just 44 Percent: Boston...

July 23, 2018

Blockchain’s Next Frontier: Saving the Planet (and Possibly...

September 30, 2019





# Name Price Market Cap Change Price Graph (24h)

Recent Posts

  • In 2019, Students Demanded Blockchain Education. In 2020, It’s Coming
  • In 2019, Students Demanded Blockchain Education. In 2020, It’s Coming
  • Accenture Picked to Build Sweden’s E-Krona Digital Currency Pilot
  • (no title)
  • Volcker Might Have Said Yes to a Digital Dollar – If He Knew What It Was

Archives

  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • January 2018
  • July 2017

Recent Posts

  • In 2019, Students Demanded Blockchain Education. In 2020, It’s Coming

    December 16, 2019
  • In 2019, Students Demanded Blockchain Education. In 2020, It’s Coming

    December 16, 2019
  • Accenture Picked to Build Sweden’s E-Krona Digital Currency Pilot

    December 16, 2019

Facebook Feed

Facebook

Categories

  • Activity
  • Article
  • Bitcoin
  • Editors' Choice
  • Event
  • Latest News
  • News
  • Uncategorized
  • Facebook
  • Twitter
  • Linkedin
  • Email

@2018 - HotcryptoNews. All Right Reserved.