Swedes already use less cash than anyone else in their daily transactions. Now, the central bank is planning a landmark test based on blockchain technology in the hope of introducing an official electronic krona.
The pilot project, which will use distributed ledger technology, is due to run until the end of February 2021, the bank said in a statement on Thursday. The goal is to find a “simple and user-friendly” model, it said.
The development will push Sweden further into the realm of digital payments, and away from coins and notes. The Bank for International Settlements estimated in 2018 that Scandinavia’s biggest economy has the lowest level of cash in circulation, measured as a percentage of GDP.
In the Riksbank’s test, simulated users will get e-krona in a digital wallet, which they can use to make withdrawals, deposits and payments via a mobile application. The test will also incorporate wearable technology, such as smart watches.
The use of cash has dropped rapidly in Sweden, and in a Riksbank survey, the share of people who said they paid in bills and coins for their latest purchase was 13 per cent in 2018, down from 39 per cent at the start of the decade.
The Riksbank is running the project together with Accenture.
UAE currency: the story behind the money in your pockets
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
FIXTURES
All kick-off times UAE ( 4 GMT)
Brackets denote aggregate score
Tuesday:
Roma (1) v Shakhtar Donetsk (2), 11.45pm
Manchester United (0) v Sevilla (0), 11.45pm
Wednesday:
Besiktas (0) v Bayern Munich (5), 9pm
Barcelona (1) v Chelsea (1), 11.45pm
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
