Sweden: Successful Central Bank Digital Currency

Royal MNBC – The central bank of Sweden had started in February 2021, phase 2 of its pilot project for the launch of a Swedish e-krona. The objective of this project is to enrich the institution’s knowledge of the design and operation of this central bank digital currency (MNBC). Its second phase is now complete. What are the main points to remember?

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Swedish MNBC: a successful phase 2 for the e-crown

The central bank of Sweden announced in a post dated April 6, 2022, the end of the second test phase of the e-crown.

The digital currency would be technically ready to be integrated into bank systems and “payment service providers”. Bank customers should thus be able to exchange their physical money stored in their bank accounts for digital currency.

The second phase of the MNBC pilot project also made it possible to test the possibilities for offline use of the e-crown. Although this test is conclusive from a functional point of view, this type of transaction nevertheless involves risks.

This test phase also aimed to provide answers concerning certain legal questions related to the e-crown. The conclusion of the studies is that digital currency could “be considered as an electronic form of cash “.

The project is therefore currently entering phase 3. However, the Bank of Sweden has not yet not confirmed its intention to issue effectively an e-crown to the general public. And despite the studies carried out during phase 2, the institution has also not yet revealed the legal framework of this MNBC.

The Bank of Sweden is therefore continuing its tests on the e-crown, without however hastening its launch to the general public. She is not the only one to adopt this position. The central bank of Japan also continues to show interest in a digital yen. She is not not in a hurry to follow in the footsteps of the People’s Bank of China and its digital yuan.

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