The second phase of trials for the Swedish central bank’s digital currency project, a projected CBDC known as the e-krona, has been completed successfully. The asset is now technically ready to be incorporated into banking networks and ease transactions, according to Riksbank, the country’s national bank.
According to the report, the e-krona may be effectively swapped for fiat money and utilized in both online and offline transactions. This phase of testing also clarified if the e-krona should be considered an “electronic form of cash” by the project’s legal team.
E-krona pilot aces trials
The CBDC was evaluated for its technological ability to function inside the country’s current digital banking infrastructure during the second phase of the e-krona pilot project, which began in February 2021. Handelsbanken and Tietoevry were among the banks that took part.
As the project approaches Phase 3, a number of worries concerning the currency’s future remain. Riksbank has not publicly confirmed its plan to issue the e-krona to citizens and has not yet stated the legislative framework upon which it may be based. Riksbank did, however, say in January 2021 that the project’s proof-of-concept would use Corda, a distributed ledger system developed by R3.