The Swedish Central Bank announced a project to implement e-krona payment system.
IOTA foundation teamed up with the consultancy company Faston to participate in the project.
The IOTA project main features have been outlined in the application:
● Centrally controllable, managed and issued by the Riksbank.
● Scalability. The solution must support a growing number of transactions without slowing down
● Fee less. The solution must support small payments and there cannot be any mining fees or other fees
built into the mechanism of the e-crown as in common crypto currencies.
● Regulatory compliant, as AML f ex. Traceability but still allow for certain degree of anonymity. For
regulatory purposes an audit trail must be in place for transactions that meet predefined properties as
size and number over a period.
● Interconnectivity with other forms of Swedish crowns
o Physical cash
o Commercial crowns
o Value based e-crowns
● Off line capacity. Ability to use other means of communication for transactions, NFC, Bluetooth
● Enable technical solutions as support for disabled people and to simplify payments in general.
● Third party Interfaces and support for developers of software and hardware
● Convenience. Retailers and customers are not interested in the transaction as such. A transaction or
payment method must not be complicated or require to much administration. Any hurdles for the user
must be minimized to gain maximum utility.
● Interest rate component. Configurable either at account level or within the e-crown itself. Where to
balance the premium over commercial crown is up to the central bank to keep the values at par.
Physical cash may as long as they exist, hinder interest rate at e-crown level.
The official application is posted here: