Sveriges Riksbank, Sweden’s central bank just released a 98-page report on central bank digital currencies, referencing the country’s own such asset — the e-krona.
In an initial note to readers, Riksbank’s June 18, 2020 report said:
“The second issue of Sveriges Riksbank Economic Review in 2020 has a special theme, namely central bank digital currencies (CBDC) and the e-krona.”
The Sveriges Riksbank Economic Review does a deep dive into central bank digital currency, including chapters issuance rationale, and on the pros, cons and trade-offs of different e-krona design features. https://t.co/uUSt49io2r — John Kiff (@Kiffmeister) June 19, 2020
In December 2019, Sweden unveiled intentions for a pilot program around its e-krona, in collaboration with Fortune Global 500 company Accenture.
The new report from Sweden’s central bank refers to its 2018 Economic Review detailing the e-krona and its progress:
“Riksbank has since continued to delve into various aspects of CBDC, both from an analytical and a practical perspective..Some of this work is summarized in this issue.”
Riksbank’s 2020 Economic Review includes reasoning behind a Swedish CBDC, listing monetary issues in the country, as well as other drivers.
The report also covered points such as including inquiry on such a currency’s necessity, competition and other aspects.
The review only includes one direct reference of blockchain as seen in a footnote on page 89:
“An open DLT network is associated to several disadvantages; every transaction must be verified by every participant (cf. blockchain) in a time and resource consuming manner. The responsibility for the Riksbank regarding AML, KYC & CTF could be indefinite. Fraud and cyber-attacks are hard to prevent in an open network.”
However, the report mentions distributed ledger technology or DLT several times.
Source: Cointelegraph | Image: Pixabay