“The technical solution is based on Distributed Ledger Technology (DLT), a form of blockchain technology. The e-kronas in the tested solution are represented by digital units of value, known as tokens, in a distributed network based on a type of blockchain technology on the company R3’s Corda platform. The solution is based on it only being possible for e-kronas to be created and destroyed by the Riksbank – like physical cash. The e-kronas are distributed to Riksbank-approved participants in the e-krona network, such as banks, that run their own nodes with the possibility of ordering and distributing e-kronas to the general public.”
e-Krona
Hanna Armelius at the Sveriges Riksbank explained the following –
- Cash is in steep decline Sweden (many stores refuse to accept it).
- Pilot solutions for CBDC working now.
- Parliament is considering the legality of CBDCs.
The technical solution has involved R3.
