Sveriges Riksbank, the Swedish central bank, has just piloted the e-krona cryptocurrency project. This is a big step forward for the first CBDC project in the world.

Sveriges Riksbank, the Swedish central bank, has just piloted the e-krona cryptocurrency project. This is a big step forward for the first CBDC project in the world.

E-krona will replace cash and aims to be the official means of payment for the country, according to the Swedish central bank on Thursday, February 20.

“Riksbank is reviewing the feasibility of a digital currency project to replace the current cash system. E-krona will assist Riksbank in improving the security and performance of the payment system. ”

Advisory firm Accenture is currently working closely with Riksbank to pilot the project. The goal of the pilot is to test whether this "e-krona project can be extended to the masses?".

The pilot project uses blockchain technology   built on R3's Corda network, and will be commissioned until the end of February next year.

Expected model of e-krona.

Riksbank representative   said:

“Digital kronas will have to be simple, user friendly and meet all security and performance requirements. There is currently no official decision on how many e-krona e-krona will be released, and what technology will be designed and used. The main purpose of the pilot project is for Riksbank to enhance knowledge about CBDC. ”

According to The Block

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