The Swedish CB will test the digital krona through smart contracts

by in Cryptocurrency News

Central bank

In April 2021, the Bank of Sweden announced the completion of the first phase of testing the digital version of the krona. In a statement, the regulator noted that technical problems arose during the tests, but in general, they were successful.

Last Wednesday, the central bank of this northern European country announced that it plans to test the token through its integration into smart contracts.

The regulator believes that CBDC will become part of the financial sector based on blockchain technologies. Transactions through smart contracts are the future of the global financial system, the Central Bank emphasized.

Trending: Dubai World Trade Center To Become a Crypto Hub and Regulator

However, even after all the tests, 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, transactions without intermediaries will become possible, thanks to which it will be possible to minimize transaction costs.

In this regard, the Bank of Sweden shares the point of view of the European Central Bank, which will also not rush to issue a digital euro if the integration of a new instrument poses a threat to the EU financial system.