Sweden has begun to test the e-krona, its new digital central bank currency, the Riksbank has announced.
According to the country's central bank, the pilot program will be active for a year, which means tests will end in February 2021.
Once the e-krona is officially launched, it is expected to boost conventional payments as well as banking activities throughout the country. From that moment on, users will not have to use their credit/debit cards or fiat to make transactions, as all of them will be carried out through a blockchain.
Sweden is the second country in the world to announce the launch of a true and operative CBDC, as the Bahamas started the pilot program for its own CBDC in December last year. The currency is expected to be fully released in the second half of the year.
For its part, China has repeatedly said it is working on the development of its own digital central bank currency, but it looks like the work is not as advanced.
No one should be surprised by the fact that Sweden has decided to launch its own CBDC becoming this way a pioneer, as the country is already one of the nations where cash is less frequently used.
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