Central bank-backed digital currencies (so-called CBDCs) are not only set to become part of the current money supply, but also have the potential for much wider use. The Swedish central bank wants to be a pioneer in this respect.
Sweden’s central bank, the Riksbank, has said it intends to continue its e-krona project. In the second phase of the pilot project, it wants to test how it will work in offline mode. According to the Riksbank, the testing of the e-crown has been carried out without any problems so far and is considered a success.
But now he wants to move on. “Concepts such as programmable money, smart money or smart payments are often mentioned when talking about money and payment systems of the future. And they are used as arguments for the development of new technologies,” the Riksbank said in its report.
New payment systems
However, the Riksbank does not want to be a passive spectator of what technologies come along, but an active participant. The Swedish central bank intends to test new solutions that could be used to create new payment systems that could be much more efficient than the existing ones.