According to the local news outlet, The Local, central bank of Sweden had shown interest in developing its digital currency yeas before, and now it is running a pilot project. The bank aims to introduce the blockchain-based digital currency, e-Krona, to complement the cash system and not to replace it.
The central bank is testing whether the general public can use e-Krona.
The e-Krona pilot project is reportedly set to run in an isolated test environment with digital tech consultants overseeing the project. The tech consultants will monitor whether the general public can use this digital currency or not. Riksbank detailed it should meet specific criteria if it’s ever launched. According to the bank, digital krona should be simple, user-friendly as well as fulfill critical requirements for security and performance.
The pilot project will run until February 2021.
The central bank of Sweden revealed that the pilot project would run until February next year as they collaborate with other financial institutions to discuss central bank digital currencies. The test will see users use a digital wallet to make payments, deposits, and withdrawals. Sweden is not the only country that is working on launching central bank-backed digital currencies in the near future. China, Russia, and several other major nations are studying and researching digital currency.