Riksbank is working on Swedish stablecoin
The central bank of Sweden intends to be among the first European countries to use CBDC.
Therefore, already now, its representatives are working on a pilot project for the digital crown.
The Riksbank takes CBDC seriously and recognises the need to provide local politicians with strong arguments to resolve potential conflicts at the legal level.
In a new report, the Riksbank noted that the Western economy should long ago go digital or the “post-cash era”. There, the bank's leaders talked about the experience of using R3 Corda, a blockchain platform, as well as innovative decentralised solutions.
After the bank renews the Accenture contract, its representatives intend to spend about a year analysing technical solutions.
Riksbank current tasks:
- Attract private firms and commercial banks to the sphere, which will be invited to participate in the integration of a test CBDC.
- Develop a payment structure by implementing it into existing PoS terminals.
- Build and test a storage solution that you can connect to third-party CBDC participants for example, commercial banks.
- Add offline functionality to the digital currency, similar to what the digital yuan already has.
- Review and assess the performance of the CBDC and its entire infrastructure, thinking about a scalability solution if needed.
According to the head of the unit in charge of the pilot CBDC, Riksbank has carefully studied the process of creating its own stablecoin. But the potential consequences of such “monetary policy” within the country are in question.