State cryptocurrency: Sweden launches first practical test with “e-cron”

After Great Britain and the European Union, Sweden is now also stepping up its efforts to establish its own state cryptocurrency and is launching a pilot project in collaboration with the Swedish central bank and the country’s largest commercial banks, including Digital’s first Practical test is included. E-Krone “.

Sweden is ahead of Britain and European Union

Like international news agency Reuters Reportedly, the Swedish National Bank (“Riksbank”) has announced first trials with an “e-krone” to quickly address the rapid growth of cryptocurrencies such as Bitcoin, Doge and Ethereum, in cash usage. Able to be able to take payment into account of the rapid decline and immediate cross-border growing need.

In the initial pilot project, e-cron is “Only from mock participants to work with external participants in the test environment“Swedish National Bank told Reuters.

Sweden relies on a blockchain

Along with Britcoin, the concept the British central bank is already working on, and Digital Euro, which is scheduled to debut in the European Union this summer, will be a so-called digital central bank funding (CBDC) Act.

For commercial banks, the project means the opportunity to participate in what is perhaps the first digital central bank money in the world that is actually available to the public.

Swedish National Bank (“Riksbank”)

In January, Rixbank revealed that its pilot project for E-Crown was based on distributed laser technology (DLT) And a blockchain called Rope Developed by the Blockchain Consortium R3. On the other hand, the European Union wants to do without a blockchain for a “digital euro” and instead a wallet on the ECB and existing systems such as a Giro Network Make.

The central bank’s digital money is on the rise

Meanwhile, most major central banks have begun a proof-of-concept study on the introduction of digital central bank currency, but so far only the island state of the Bahamas, with which Digital Bahamian Dollar, The so-called “sand dollar”, was the first country in the world to offer a digital version of its national currency, including related infrastructure.

Sweden and China are the only two other countries that have begun actual field trials for the national CBDC. In addition, Apple is also thinking about allowing crypto currencies as a means of payment.