⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sweden (29-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.37%
One-Sentence Summary:
🇸🇪's Central Bank (Sveriges Riksbank) consistently expands on its CBDC research and pilots, yet maintains that the decision to introduce e-krona lies in political channels.
✅ In 2016, 🇸🇪's Central Bank started considering issuing a CBDC, the e-krona, whose necessity was emphasized in a 2017 report due to the decline in cash use.
✅ The Sveriges Riksbank initiated a CBDC pilot in 2020 aimed at understanding technical requirements, practical applications, and other options; several reports released up until 2023 highlighted feasible implementation and system integration.
✅ Collaboration with The Bank for International Settlements aimed at examining cross-border transactions involving CBDCs resulted in a central hub for exchanges across CBDC systems.
✅ Even with ongoing development and research, the introduction of the e-krona in 🇸🇪 is described as "a political decision", and recent reports suggest there may be insufficient social need for introducing a CBDC.
✅ Despite completing a fourth testing phase in 2024, recognizing offline capabilities requiring more development work, the envisioned CBDC exists only within the online system.
✅ Despite 🇸🇪's solid score in Freedom House's 2023 Freedom report, the introduction of a CBDC still has potential privacy risks and can impact financial freedom.
#SwedenCBDC #centralbanks #digitalcurrency #CBDCResearch #SverigesRiksbank #bankinginnovation #monetarypolicy
What are your thoughts on Sweden's cautious approach towards CBDCs, despite their extensive research and pilot programs? How do we balance the need for digital innovation and potential risks to financial privacy?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
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