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Sweden’s central bank completes first phase of digital currency pilot

The Riksbank said that CBDC technology still requires further investigation.
After completing the first phase of its digital currency pilot project, Sveriges Riksbank has found some critical issues that must be addressed before Stockholmers can buy coffee and kanelbullar with e-krona.In a recent study, Sweden’s central bank presented the first results of its central bank digital currency pilot on a network based on R3’s Corda blockchain.The Riksbank simulated core aspects of a potential CBDC system, including liquidity supply via the Riksbank’s settlement system RIX and network members serving as e-kronor distributors. The central bank also simulated participants, end-users and payment instruments like mobile apps.The Riksbank said that the new CBDC technology needs further investigation, with scalability presenting a major bottleneck. “The solution tested in phase one of the e-krona pilot has met the performance requirements made in the public procurement. But this has taken place in a limited test environment and the new technology’s capacity to manage retail payments on a large scale needs to be investigated and tested further,” the report noted.The central bank also noted some privacy challenges, stressing that the information contained in an e-krona transaction must be protected to uphold banking secrecy laws and avoid revealing personal data. “The Riksbank is currently analysing to what extent the information stored in the transaction history can be regarded as information covered by banking secrecy and whether it comprises personal data,” the bank stated.Mithra Sundberg, head of Riksbank’s e-krona pilot …
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