The Swedish central bank's digital currency project, a proposed CBDC, known as e-krona, has been successful finalized his second phase of trials. According to the Riksbank, the nation's central bank, the asset is now technically ready to integrate into banking networks and facilitate transactions.
During the second phase of the e-krona pilot project, which began in February 2021, the CBDC was investigated on its technical ability to function within the existing digital banking infrastructure in the country. Participating banks included Handelsbanken and Tietoevry.
The report stated that the e-krona could be successfully exchanged for fiat money and used in transactions, both online and offline. This testing phase also brought legal clarity to the project in terms of whether the e-krona should be considered an "electronic form of cash".
As the project enters Phase 3, several questions remain about the future of the coin. The Riksbank has not officially confirmed its intention to issue electronic krona to the nation's citizens and has not yet indicated the legal framework on which it might be based. ricksbank did it, Howeverspecified in January 2021 that the project's proof of concept was leveraging Corda, a distributed ledger technology from R3.
National digital currencies remain a hot topic among financial authorities around the world. A recent PwC Global CBDC Index showed that 80% of central banks are considering or have already launched a CBDC. The most developed CBDC at the moment, according to the report, is "eNaira" from Nigeria. It received a score of 95 in the retail and wholesale categories. PwC expects CBDC research, testing and implementation to intensify this year.
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