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Cross-border collaboration between Nordic central banks and the Bank for International Settlements

 

There is a pioneering cross-border collaboration between Nordic central banks and the Bank for International Settlements that has been formed in the Nordic region. The collaboration's purpose is to build an Innovation Hub Nordic Centre (IHNC) in Stockholm under the supervision of the BIS. To do this, it intends to focus on creating cutting-edge solutions for financial market infrastructure, such as those for digital currency. The e-krona, Sweden's digital e-currency, is the most advanced of the Nordic central banks, thanks to the efforts of Riksbank in Sweden. It has already created innovation centers in Hong Kong, Switzerland, and Singapore, and formed a partnership with the New York Federal Reserve System.

The link with the BIS will also boost international cooperation in this area, which will help enhance the overall performance of the global financial system. The Riksbank is developing and testing an electronic currency based on blockchain technology called the digital e-krona. Despite the Swedish central bank's advances, no final decision has been taken on whether or not an electronic krona would be issued in the future. For the sake of demonstrating how banks might engage with the e-Krona infrastructure, TietoEVRY has been tasked with constructing simulation models. The e-krona pilot project has invited TietoEVRY to take part.

The company's technology enables mobile payment providers in Sweden, Norway, and Finland to collect payments while on the move. In the words of the Riksbank, "the digital currency pilot program improves Sweden's innovative culture and position on the worldwide financial technology stage".

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