#Swedish National #Bank #Sveriges #Riksbank has completed the first phase of the digital currency pilot project, but according to the statements, there are points to work on before the digital currency is launched.
🚨E-Krona Trials
In a recent study, the Swedish Central Bank presented the first results of its central bank digital currency ( #CBDC) pilot on a network based on R3's Corda blockchain.
The bank simulated the key features of a potential CBDC system, including network members serving as liquidity supply, RIX and e-krona distributors through Riksbank's reconciliation system. The central bank also simulated participants, end users, and payment tools such as mobile apps.
Riksbank said the new CBDC technology needs further research and scalability poses a major bottleneck.
In the statements made on the subject, “The solution tested in the first phase of the e-krona pilot process met the performance requirements made in public procurement. However, this has happened in a limited testing environment, and the capacity of the new technology to manage individual payments on a large scale needs to be explored and further tested. " words were used.
🚨Privacy Challenges
The Central Bank also highlighted some privacy challenges, stressing that the information contained in an e-krona transaction must be protected in order to comply with banking privacy laws and avoid disclosure of personal data.
Bank, "the Riksbank analyzes is currently trading history information stored in the extent to which information can be considered as falling within the scope of banking secrecy and personal data it contains." He used his words.
🚨New Legal Framework
Mithra Sundberg , head of Riksbank's e-krona pilot division in Stockholm , said Sweden might likely need a new legal framework before the CBDC can be used. Given the scope of issues that need to be addressed before an e-krona can be seriously developed, Riksbank can continue blockchain pilots until 2026.
On the other hand, Riksbank stated that it will extend its agreement with accounting giant Accenture as the technical supplier to continue e-krona tests. The focus of the second phase will include potential distributors of e-krona, CBDC performance in individual payments and storage methods. The new phase will also test offline e-krona functionality and integration with existing point of sale terminals