Central Bank of Sweden completes the second phase of testing of e-krona

The central bank digital currency project of Sweden, the proposed CBDC named e-krona, has successfully completed its trials of the second phase. According to Sweden’s central bank, Riksbank, the digital currency is technologically ready to be integrated with different banking networks in order to speed up the country’s transactions process.

The second phase of the e-krona pilot project started in February 2021, in which the technical function of this CBDC was investigated to find out the effect it will bring about on the country’s existing banking infrastructure. The participating banks in this project were Tietoevry and Handelsbanken. 

The report disclosed that the CBDC e-krona could be successfully interchanged for the country’s fiat currency, and it can also be used while conducting offline and online transactions. Additionally, this phase of testing also brought legal clarity to the whole CBDC project and whether or not e-krona can be considered as the ‘electronic form of cash.’

Right now, the Swedish CBDC project is entering the phase 3 stage, where there are still questions remaining on the future of this digital currency. Riksbank has not yet issued any official statement regarding this e-krona’s distribution in the country and its legal framework. However, back in January, Riksbank stated that the proof-of-concept of this project was to harness a distributed ledger technology named Corda.  

National CBDC is currently a hot topic among major financial institutions and authorities. Currently, ‘eNaira’ which is Nigeria’s native CBDC, is the most developed national digital currency.

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