⚠️ 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 Central Bank (Sveriges Riksbank) continues to innovate and progress in its CBDC (Central Bank Digital Currency) pilot despite ongoing debates on its necessity and potential implications for human rights and civil liberties.
✅🇸🇪's Sveriges Riksbank began a CBDC trial with Accenture in 2020.
✅The idea of an e-krona (CBDC) within the Swedish banking sector was discussed by Deputy Governor Cecilia Skingsley in 2016.
✅A report issued by Sveriges Riksbank in 2017 endorsed the need for a CBDC as cash usage in the country declined.
✅In 2020, a pilot was launched to understand the technology and practicalities of a CBDC, with the initial 2021 report exploring the creation of unique e-kronor.
✅Subsequent reports in 2022 and 2023 investigated possibilities to integrate a CBDC into the banking system, support offline payments, and implement smart contracts.
✅Sveriges Riksbank and the Bank for International Settlements collaborated on Project Icebreaker to test CBDC cross-border transactions and foreign exchange.
✅Despite CBDC development, the decision to introduce an e-krona in Sweden remains a political one.
✅In 2024, the fourth testing phase of the CBDC concluded, emphasizing that offline capabilities required significant developmental work.
✅🇸🇪 scored 100 out of 100 in the Freedom House's Freedom in the World Report 2023, with no direct concerns related to CBDC implementation.
✅However, the creation of a CBDC might pose risks to financial privacy and freedom.
#Sweden #CBDC #DigitalCurrency #SverigesRiksbank #HumanRights #CivilLiberties
What's your take on the balance between advancing financial technology like CBDC and preserving financial privacy and freedom?
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