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Sweden’s Central Bank Releases 98-Page ‘Economic Review’ Devoted to CBDC

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Sveriges Riksbank, Sweden’s central financial institution, took a 98-page deep dive into central financial institution digital currencies, or CBDCs, referencing the nation’s personal such asset — the e-krona.

“The second situation of Sveriges Riksbank Financial Evaluate in 2020 has a particular theme, particularly central financial institution digital currencies (CBDC) and the e-krona,” Riksbank’s June 18, 2020 report mentioned in an preliminary observe to readers.

Sweden’s curiosity isn’t new

In December 2019, Sweden unveiled intentions for a pilot program round its e-krona, in collaboration with Fortune International 500 firm Accenture.

The brand new report from the nation’s central financial institution referred to its 2018 Financial Evaluate detailing the e-krona and its progress. “Riksbank has since continued to delve into varied points of CBDC, each from an analytical and a sensible perspective,” the 2020 report mentioned. “A few of this work is summarized on this situation.”

The brand new version addresses quite a few CBDC points

Riksbank’s 2020 Financial Evaluate contains reasoning behind a Swedish CBDC, itemizing financial points within the nation, in addition to different drivers.

The report additionally lined different factors of consideration, together with inquiry on such a foreign money’s necessity, competitors and different points.

The assessment solely contains one direct reference of blockchain, seen in a footnote on web page 89, which reads:

“An open DLT community is related to a number of disadvantages; each transaction have to be verified by each participant (cf. blockchain) in a time and useful resource consuming method. The duty for the Riksbank concerning AML, KYC & CTF might be indefinite. Fraud and cyber-attacks are onerous to stop in an open community.”

The report does, nonetheless, point out distributed ledger know-how, or DLT, a number of instances.

After coronavirus measures took flight in March, the U.S. proposed a digital greenback, though such a greenback didn’t embrace blockchain or DLT.

Cointelegraph reached out to Riksbank for added particulars, however obtained no response as of press time. This text will likely be up to date accordingly ought to a response are available in.

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