After finishing the primary part of its digital forex pilot challenge, Sveriges Riksbank has discovered some essential points that should be addres
After finishing the primary part of its digital forex pilot challenge, Sveriges Riksbank has discovered some essential points that should be addressed earlier than Stockholmers can purchase espresso and kanelbullar with e-krona.
In a latest examine, Sweden’s central financial institution offered the primary outcomes of its central financial institution digital forex pilot on a community primarily based on R3’s Corda blockchain.
The Riksbank simulated core facets of a possible CBDC system, together with liquidity provide by way of the Riksbank’s settlement system RIX and community members serving as e-kronor distributors. The central financial institution additionally simulated individuals, end-users and cost devices like cell apps.
The Riksbank stated that the brand new CBDC know-how wants additional investigation, with scalability presenting a significant bottleneck.
“The answer examined in part one of many e-krona pilot has met the efficiency necessities made within the public procurement. However this has taken place in a restricted check setting and the brand new know-how’s capability to handle retail funds on a big scale must be investigated and examined additional,” the report famous.
The central financial institution additionally famous some privateness challenges, stressing that the data contained in an e-krona transaction should be protected to uphold banking secrecy legal guidelines and keep away from revealing private knowledge.
“The Riksbank is presently analysing to what extent the data saved within the transaction historical past may be considered info lined by banking secrecy and whether or not it contains private knowledge,” the financial institution said.
Mithra Sundberg, head of Riksbank’s e-krona pilot division in Stockholm, stated that Sweden’s CBDC may most likely require a brand new authorized framework earlier than it may be used. Given the scope of points that must be addressed earlier than an e-krona may be significantly developed, Riksbank might proceed its blockchain pilots till 2026.
Riksbank said that it’ll lengthen its settlement with accounting large Accenture as a technical provider to proceed e-krona testing. The main target for the second part will embrace potential distributors of the e-krona, CBDC efficiency in retail funds, in addition to storage strategies. The brand new part can even check offline e-krona performance and integration with present point-of-sale terminals.
As beforehand reported, Sweden has emerged as one of many world’s earliest CBDC explorers, saying a pilot platform for the e-krona in late 2019.