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Sweden starts testing new official digital currency

The Swedish Central Bank, the Riksbank, is launching a pilot scheme for a new digital currency that will aim to show how it could be used by the public as a complement to cash.

Published: 20 February 2020 17:23 CET
Sweden starts testing new official digital currency
Could these soon exist as a digital version? Photo: Martina Holmberg/TT

The announcement comes years after the Riksbank first said it was looking into creating its own digital currency, an e-krona, based on block-chain technology.

“The aim of the project is to show how an e-krona could be used by the general public,” said the Riksbank in a statement on Thursday.

“A digital krona should be simple, user-friendly as well as fulfil critical requirements for security and performance.”

The pilot project will be run “in an isolated test environment” together with digital tech consultants Accenture and there are no confirmed plans to issue an e-krona to the public, or what technology would be used.

For now, the project will be based on so-called Distributed Ledger Technology.

“In the test environment, simulated users shall be able to hold e-kronor in a digital wallet, make payments, deposits and withdrawals via a mobile app. The user shall also be able to make payments via wearables, such as smart watches, and cards,” said the Riksbank.

The pilot is set to run until the end of February 2021.

EDITOR'S PICK:

Cash is dying a slow death in Sweden, with alternative methods of payment commonplace, such as card and mobile payment app Swish.

In 2010 nearly 40 percent of Swedes said they paid for their most recent purchase in cash, according to a report by the Riksbank. By 2018 that proportion had drastically decreased to 13 percent.

Proponents hail the cashless society as safe and convenient. But for, for example, elderly people, or international residents struggling to set up a bank account, it can also cause a number of headaches.

The Riksbank has previously said that if the e-krona is issued it will be as a complement to rather than a replacement for cash, adding that it will continue to issue banknotes and coins as long as there is a demand for them in Swedish society.

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MONEY

How to avoid falling victim to tax scams in Sweden

Sweden's tax agency, Skatteverket, warns of an increase in scams when it's time for Swedish tax-payers to declare their taxes.

Published: 12 March 2024 13:40 CET
How to avoid falling victim to tax scams in Sweden

Anyone who earned more than 22,208 kronor last year received their tax returns digitally last week, marking the start of tax season.

That also means an expected peak in tax-related scams, Skatteverket warns.

Most of the scams are so-called phishing scams, meaning attempts to steal the victims’ personal information. Fraudsters may for example email a person, pretending to represent Skatteverket, and ask them for, among other things, their banking details.

“We’re seeing these in all channels. They use fake emails, SMS, letters and in some cases even phone calls. It is particularly common in tax declaration times – just when we’re about to send out the tax returns, the e-service opens and it’s possible to declare – but above all when it’s time for tax rebates,” Jan Janowski, a Skatteverket expert, told Swedish news agency TT.

A scam email might for example state that you’re entitled to a tax rebate and that you should click a link to receive it. Don’t click any links, open any attachments or reply to the message. Skatteverket advises that you immediately delete the email or text message.

Another common scam is that you receive a text message claiming to be from Skatteverket, telling you that you owe them money and you need to log in to calculate the amount. The website you’re urged to log in via does not belong to Skatteverket. Don’t click the link.

The agency stresses that it never asks people for their banking details. The exception is that you may be asked for your bank account information if you log into Skatteverket’s website to declare your taxes, but that always first requires you to log into the site.

To receive your tax rebate, you need to inform Skatteverket of your bank account number. You do this not by clicking a link in an email or SMS, but by logging into their website using a digital ID, for example BankID, and submitting your details. Only do this on your own initiative. If someone calls you and asks you to log in with your BankID during the phone call, don’t do it. That’s another common scam.

Skatteverket will also never call you to ask for your bank account or credit card number.

It will be possible to declare your taxes from March 19th. You’ll receive any tax rebate you’re owed by mid-April or early June, depending on when you submit your tax return. These are the dates when fraudsters are likely to attempt the most scams.

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