Sveriges Riksbank, Sweden’s central bank, immersed itself in the subject of the central bank’s digital currencies, or CBDC, in 98 pages, referring to the country’s own asset: the e-krona, or electronic crown.
„The second issue of Sveriges Riksbank’s 2020 Economic Review has a special theme, namely digital central bank currencies (CBDC) and the electronic krona,“ said the Riksbank’s report of 18 June 2020 in an initial note to readers.
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Sweden’s interest is not new
In December 2019, Sweden announced its intentions for a pilot program around its electronic crown, in collaboration with the Fortune Global 500 company Accenture.
The new report from the country’s central bank refers to its 2018 Economic Review detailing the electronic crown and its progress. „Since then, the Riksbank has continued to deepen various aspects of the CBDC, both from an analytical and practical perspective,“ according to the 2020 report. „Some of this work is summarised in this issue.
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The new edition addresses several aspects of the CBDC
The Riksbank’s 2020 Economic Review includes the rationale behind a Swedish CBDC, listing the country’s monetary issues as well as other drivers.
The report also covers other points of consideration, including research on the need for such a currency, competition and other issues.
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The review only includes a direct reference to blockchain, which can be seen in a footnote on page 89, which reads
„An open DLT network has several drawbacks; each transaction must be verified by each participant (see blockchain) in a time- and resource-consuming manner. The Riksbank’s responsibility for anti-money laundering, control of cross-border movements and combating the financing of terrorism could be undefined. Fraud and cyber attacks are difficult to prevent in an open network‘.
However, the report mentions several times the distributed general ledger technology, or DLT.
After anti-coronavirus measures took flight in March, the US Crypto Comeback Pro proposed a digital dollar, although the dollar did not include blockchain or DLT.
Cointelegraph contacted the Riksbank for more details, but received no response as of this writing. This article will be updated if a response is received.