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2021-04-08

Sweden closer to an e-korona?

After completing the first phase of its digital currency pilot project, Sveriges Riksbank has found some critical issues that need to be resolved before Stockholmers can buy coffee and kanelbullar with e-currency.

In a recent study, the Swedish central bank presented the first results of a pilot of the central bank's digital currency on R3's Corda blockchain-based network.

The Riksbank simulated basic aspects of a potential CBDC system, including liquidity delivery via the Riksbank's clearing system, RIX, and network members acting as e-crown distributors. The central bank also simulated participants, end users and payment instruments such as mobile apps.

The Riksbank said the new CBDC technology needs further research, with scalability being a major bottleneck. 

The central bank also highlighted some privacy challenges, stressing that the information contained in an e-crown transaction must be protected to maintain bank secrecy laws and avoid disclosure of personal information.