The central bank of Sweden started testing CBDC
The central bank of Sweden announced its cooperation in the development of CBDC with commercial lender Svenska Handelsbanken AB, responsible for corporate transactions, trade, and consumer banking services.
The bank's representatives announced this today on the official website. The Swedish central bank said the joint testing with Handelsbanken will focus on how quickly payments will be processed in the digital krona equivalent.
The e-krona project moves from concept to simulation in a test environment, involving third-party participants in the Riksbank technical solution. The central bank is convinced that only with the help of constant “stress tests” will they be able to assess how productive the integration of the krona into the already formed banking system will be, and how many participants will be able to join the technical platform.
In fact, today the digital crown has become one of the pioneers among European countries developing national tokens. Today, they are second only to China in terms of the speed of implementation of the plan to introduce the token into everyday life. While the rest are planning to start testing in the foreseeable future, Sweden and China are already testing the viability of national cryptocurrencies.
According to the Governor of Sweden, the development of the digital crown can be realised in five years. To speed up the process, the country's central bank intends to involve even more commercial participants in the system, but so far cooperation has been officially confirmed only with Handelsbanken and the Finnish IT firm TietoEVRY.