📰 Table Of Contents
Sweden’s Riksbank Report on E-Krona
Sweden’s Riksbank has recently released its final report on the e-Krona, focusing on offline payments and the development of a central bank digital currency (CBDC).
Offline Payments Focus
In the fourth phase of testing, the Riksbank evaluated the feasibility of designing a secure, balance-based offline currency within the e-Krona pilot’s test environment.
- Testing and evaluating offline currency
- Secure and usable digital currency development
- Importance of technology, regulations, and processes
The findings indicate that a secure and functional offline solution is achievable with the right boundaries and regulatory framework in place.
Lessons Learned
The Riksbank emphasized the need for extensive development cooperation in technology, regulations, and processes to ensure a secure and functional offline solution.
- Lessons from the project
- Development cooperation work
Use Cases Testing
During the research, three different use cases were tested, including funding and de-funding e-Krona, offline payments from card to payment terminal, and offline payments between two cards.
Synchronization of Offline Payments
Offline payments must be synchronized to ensure the balance in the offline wallet matches the e-Krona reserved in the online system’s shadow wallet.
- Need for synchronization
- Challenges with lack of liquidity
Central Bank Digital Currencies (CBDCs)
Central banks worldwide are exploring CBDCs as investments to protect the fiat monetary system and address public demand.
- Geopolitical aspects of CBDCs
- Investment in protecting the monetary system
Riksbank’s Stance on Bitcoin
Riksbank Governor, Erik Thedeen, cautioned against significant Bitcoin integration into Sweden’s financial system, citing its speculative nature and potential risks.
- Bitcoin integration warnings
- Concerns about speculative nature
Thedeen emphasized the importance of maintaining a cautious approach towards Bitcoin integration in Sweden’s financial system to prevent possible losses.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
