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

Sweden’s Central Financial institution Releases 98-Web page ‘Financial Overview’ Dedicated to CBDC

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 problem of Sveriges Riksbank Financial Overview in 2020 has a particular theme, specifically central financial institution digital currencies (CBDC) and the e-krona,” Riksbank’s June 18, 2020 report stated in an preliminary notice to readers. 

Sweden’s curiosity just isn’t new

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

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

The brand new version addresses a lot of CBDC features

Riksbank’s 2020 Financial Overview consists of 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 forex’s necessity, competitors and different features. 

The assessment solely consists of 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 relating to AML, KYC & CTF could possibly be indefinite. Fraud and cyber-attacks are laborious to forestall in an open community.”

The report does, nonetheless, point out distributed ledger expertise, 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 embody blockchain or DLT. 

Cointelegraph reached out to Riksbank for extra particulars, however acquired no response as of press time. This text will probably be up to date accordingly ought to a response are available.