The Swedish central bank’s digital currency project, the e-krona, has successfully passed the second phase of tests. According to the country’s central bank, the asset is technically ready for integration into banking networks to simplify transactions.
Banks Handelsbanken, Tietoevro and others have taken part in the tests during the second phase of the e-krona pilot project.
The e-krona can be successfully exchanged into fiat money and used in both online and offline transactions. This testing phase has also brought legal clarity to the project as to whether the e-krona should be considered an “electronic form of cash.”
Now the project is entering a new phase, but the central bank has yet to officially confirm its intention to issue an electronic krone to citizens of the country and has not yet created a legal basis on which it will be based.
