⚠️ 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:
Sweden's Sveriges Riksbank continues the development of Central Bank Digital Currency, e-krona, through rigorous testing, despite debates on its necessity and potential risks to financial privacy.
✅ The Sveriges Riksbank partnered with Accenture in a 🇸🇪 CBDC pilot kicked off in 2020.
✅ Sweden's first insights into CBDC began back in 2016, with the proposal of the e-krona by the Riksbank's deputy governor Cecilia Skingsley.
✅ A report issued in 2017 advocated for the CBDC as a buffer against private sector enterprise, in light of slumping cash usage in the country.
✅ Throughout 2020, a pilot was launched to provide insights into the logistical elements of a CBDC, resulting in three separate reports published from 2021-2023.
✅ The reports concluded that unique identifiers for e-krona was feasible, a robust system can be achieved via parallel networks, CBDC can be integrated into existing banking systems with offline payment capabilities, and programmable payments and smart contracts are implementable.
✅ Collaborating with the Bank for International Settlements as well, the Sveriges Riksbank has been underlining potential for cross-border transactions with Project Icebreaker.
✅ Despite these advancements, the Riksbank maintains that the final say on introducing an e-krona lies with political decisions, and a recent report suggests the current need for an e-krona in Sweden is insufficient.
✅ The fourth testing phase in 2024 revealed needed improvements in offline capabilities and introduced a different outlook from the token-based solution tested in phase 2.
✅ Sweden, scoring a perfect 100 in 2023's Freedom in the World report, presents no direct concerns over CBDC usage, but debates about potential abuse by governments remain.
✅ Risks to financial privacy and freedom could be an outcome of a CBDC creation, regardless of control by the Riksbank or the European Central Bank.
#Sweden #CBDC #CentralBankDigitalCurrency #ekrona #SverigesRiksbank #FinancialFreedom #DigitalPrivacy
Do you believe the potential benefits of introducing a CBDC in Sweden, such as the e-krona, outweigh the risks these currencies might pose to financial privacy and freedom?
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.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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