The Swedish central bank keeps making steps towards modeling its e-krona pilot project by issuing a detailed report of the results of phase one for the path ahead. Riksbank is still optimistic about launching its central bank digital currency (CBDC), but there are hurdles to clear out on the road.
Riksbank to Spend Another Year Exploring Solutions for the Pilot
According to the report named â€œE-krona pilot phase 1,â€ the central bank highlighted that cash usage in Sweden is â€œdeclining.â€ That said, Riksbank sees potential problems arising from the decline in cash and is therefore running a project to investigate the possibility of producing a digital complement to cash.â€
However, the central bank wants to take another year to make in-depth explorations to assess how current technical solutions could suit the e-krona project. Currently, the Swedish central bank is using the R3â€™s Corda blockchain platform.
Over the required additional year, the Riksbank wants â€œmarket actorsâ€ to be involved in the planâ€™s development, â€œwho could potentially become participants in an e-krona network, to test this technical solution,â€ said the report.
Such comment could be suggesting that private firms and even commercial banks can participate in the CBDC pilot.
Another point mentioned in the report is the development of an â€œoff-line function.â€ The central bank provided details on the matter:
Riksbank Wants to Explore Integration With Existing Point of Sale Terminals
Moreover, the Riksbank wants to explore ways to develop solutions to store keys and tokens â€œin different ways,â€ containing the e-kronor.
Also, to ensure â€œthe process of making payments in the network,â€ the Swedish central bank wants to develop support for addressing payments.
Among other details that the Riksbank mentioned in the report include â€œevaluating and improving performance and scalability in the e-krona network,â€ â€œintegration with existing point of sale terminals,â€ and â€œanalysis of the e-krona network infrastructure.â€
Interestingly, Bloomberg called this report â€œthe most advanced exploration of a post-cash era to be undertaken by a major, western economy.â€
What do you think about this report released by the Riksbank on the e-krona pilot? Let us know in the comments section below.
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