- Sweden finishes second phase testing of its CBDC.
- The Central Bank visualizes ways to promote privacy.
- Once complete privacy is assured, E-Krona will be launched.
Even though most countries around the world at first said no to cryptocurrencies, now, most are moving towards ways to adopt it. The major concern for all is the possibilities of the Central Banks, Commercial Banks of those nations to get completely out of the picture in future.
And so the opposition towards acceptance of cryptocurrency continues on a minority scale currently, many tend to look at opportunities to adopt for the future betterment. Therefore, at a certain point they have to digitize themselves.
One such efficient way to satisfy the Banks as well as promote and adopt the future digital currency modes, is by bringing out their own, Central Bank Digital Currency (CBDC). As many countries have already come up with their own CBDC, few countries are on the pursuit trail of testing their CBDCs. And so, one among which has high expectations is Sweden’s very own CBDC, the E-Krona.
Problems With the E-Krona
The news is officially out that the second phase testing of E-Krona has been successfully completed. Further testing by the Riksbank, Sweden’s Central Bank shows that E-Krona could be used for extensive offline copayment modes too.
However, the same Central Bank puts out a major threat for their CBDC, as they state they are extremely concerned towards the privacy factor. Though many portray the digital modes of currency as the vital future adaptation, which promotes smart money, smart payments and much more, risks are there too. And so one major concern is towards the privacy of thentyrasactions being made through the CBDC.
Accordingly, the Central Bank of Sweden is currently working together with the European Data Protection authorities to figure out programs to enable solutions for privacy propagandas upon the blockchains.
Furthermore, only once the Central Bank completely figures out a way to protect the privacy of the users, only then the E-Krona is expected to be launched.
