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Sweden Extends The Pilot Program Of Its E Krona

ByKarol Kowalski

Feb 23, 2021
Sweden Extends The Pilot Program Of Its E Krona

Sweden extends the pilot program of its “e-krona” until February 2022. The country with the least cash in the world has not yet confirmed whether it will officially issue its digital currency.

Sweden’s central bank ( Riksbank ) extended its digital Swedish krone pilot program until 2022 . The “e-krona” project was created last year in collaboration with Accenture, to gradually relegate the use of physical money in the country.

As China began to take the first steps of its digital yuan, Sweden surprised everyone in February 2020 by launching its pilot for a central bank digital currency (CBDC). The country stands out for having the lowest use of cash in the world , which is why the program quickly obtained the necessary support to carry it out.

However, the Riksbank announced in recent days the extension of the beta phase of its e-krona , as the decision to issue it officially has not yet been confirmed.

” The Riksbank sees potential problems with the marginalization of the cash and, therefore, has initiated a pilot project to develop a proposal for technical solution for a digital currency of the central bank, an e-krona that can function as a complement to the effective project” , went back to detailing the bank .

Unlike Bitcoin (BTC) or Ethereum (ETH), the new Swedish currency works on R3’s Corda blockchain , a network that cannot be accessed publicly. It is a private ledger created exclusively for companies, which can only be entered with an invitation.

The idea of ​​the Swedes is to end the program in February 2022 , although in the coming months they will seek to extend its use.

“ The main objective of the pilot is for the Riksbank to increase its awareness of a digital crown issued by the central bank . The goal for next year is to continue developing the technical solution, with a focus on performance, scalability, off-line function testing and the incorporation of external participants into the test environment, ” the bank’s statement completes.

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