E-krona, a project of the digital currency of the Central Bank of Sweden has been successful in its initiative of finishing the second phase of the trails. In the views of Riksbank, the Central bank of the entire nation, the asset of e-Krona is almost ready to be mingled with the network of banking and will help in conducting the transactions.
The CBDC Of Sweden Is Ready To Integrate With Banks
The second phase of the pilot project of e-krona started last year in the month of February and is a proposed CBDC. However, an investigation was conducted on the CBDC for their technical ability of the project to work in the existing online banking infrastructure of the country. The banks that participated in that investigation were Tietoevry and Handelsbanken.
As per the report, e-krona can be associated with the exchange of fiat money, and the project is also used for having both online and offline transactions. The testing phase also provided clarity from the legal side and it would be clear whether the project should be called an ‘electronic form of cash’.
As soon as the project Sweden takes entry into the third phase, there are a huge number of doubts and questions regarding the future of the currency. As per the plan of Riksbank, it still did not confirm the intention to authorize the project to the majority of citizens of the nation. Moreover, they also did not figure out the legal framework of the project on which the entire work will be based.
Riksbank, however, mentioned last year in January that Sweden’s currency project was exploiting Corda, a well-known technology of ledger from R3 for proof-of-concept. Most of the financial authorities are discussing National digital currencies. The Global CBDC Index that was published recently from PwC stated that nearly 80% of the central banks are thinking or might have already declared a CBDC.