The Bank of Sweden announced in April last year it had completed the first phase of testing the digital version of the krona, the country's official currency.
In the press release shared by the regulator, it reported that technical problems had arisen during the tests, but that overall the tests were successful.
Yesterday, the Bank of Sweden announced it intends to test the token through its integration into smart contracts.
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The regulator believes that its CBDC or central bank digital currency will become part of the financial sector based on blockchain technologies. The institution has stressed that transactions through smart contracts are the future of the global financial system.
However, even after the completion of the tests, there is a possibility that the regulator may not issue a digital krone if it sees risks to the stability of the financial system. With the help of smart contracts, it will be possible to conduct transactions without intermediaries, which will make it possible to minimize transaction costs.
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In this regard, the country's central bank shares the view of the ECB or European Central Bank, which is also in no hurry to issue a digital euro if the integration of this new instrument poses a threat to the EU financial system.