Sweden’s central bank, Riksbank, is preparing to introduce a possible central bank digital currency (CBDC) — the e-krona — according to a Dec. 15 statement.

Riksbank said that it is “ready to be able to issue an e-Krona” if Sweden’s legislature, the Riksdag, chooses to proceed with the asset’s creation. The central bank said it is “therefore working to prepare for an issuable e-krona.”

The central bank noted that an e-krona could complement cash as transactions become increasingly digital. In addition, a CBDC such as the e-krona would reduce reliance on private payment services and match the value of the Swedish krona.

(By Mike Dalton)