The Central Bank of Sweden has completed the first phase of the digital krona test and this year, the second phase of the tests will begin in cooperation with commercial banks.
According to Reuters and the report of the Central Bank of Sweden, in the first phase of the pilot project of the digital crown, the payment system in the state cryptocurrency was modelled only on the infrastructure of the Central Bank. However, the next phase of the project involves the participation of commercial banks in trials to explore the possibilities of commercial and retail payments.
Swedish Central Bank said in a statement attached to the e-krona pilot test:
“The technology opens up new possibilities, but it has not yet been used to process retail payments on a scale and with the required level of security” .
In February last year, the Swedish Central Bank began testing Europe’s first government cryptocurrency. The aim of the initiative was to show how citizens can benefit from the use of e-krona.
The Central Bank of Sweden has stated that it cannot yet confirm which banks or payment systems will participate in the next stage of the test. However, the aim of further research is to evaluate how e-krona can be used for both large commercial and small retail payments.
