According to an official publication from Sweden’s central bank, Riksbank, the production of the E-krona is necessary, to be in line with technological advancements regarding finance, all over the world. The statement says:
“The use of banknotes and coins is declining in society. At the same time, technological advances with regard to electronic money and payment methods are proceeding rapidly. The Riksbank sees potential problems with the marginalization of cash and has therefore initiated a pilot project to help develop a proposal for a technical solution for Swedish kronor in electronic form, an e-krona.”
The bank, however, says that the e-krona is not a replacement for cash and will only serve as a “digital complement”.
In October last year, China also announced it was ready to begin a pilot test of its CBDC.
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