The Swedish government is progressing with its central bank digital currency, or CBDC, by launching a formal review of a potential transition to the digital currency.

According to a Bloomberg study published Fri, the review will explore the feasibility of moving the country's payments infrastructure to a digital currency. The country features 1 of the most cashless economies in the world.

Sweden's fiscal markets government minister, Per Bolund, reportedly said that the regime expects to complete the digital currency review by the end of November 2022. Anna Kinberg Batra — a erstwhile chairwoman of the finance committee at Sweden'southward central bank, Riksbank — would pb the initiative.

Bolund emphasized that it is crucial to ensure that the digital payments system in the country functions in a safe way and is "available to everybody." "Depending on how a digital currency is designed and which technologies are used, information technology can have large consequences for the entire financial system," the minister said.

Sweden has emerged equally one of the major CBDC engineering pioneers, announcing a pilot platform for a digital currency known as e-krona in tardily 2019. In order to build the platform, Sweden's central bank partnered with Irish gaelic professional person services company Accenture. Riksbank launched its showtime east-krona pilots in Feb, challenge that the testing will be in operation until February 2021.

In October, Riksbank Governor Stefan Ingves expressed conviction that an e-krona should be issued by the cardinal banking company and recognized as legal tender. Last twelvemonth, Ingves said that Sweden's central bank cannot exist the only establishment to decide the hereafter of an eastward-krona implementation:

"Considering how economically important the consequence is, the Riksbank cannot take the decision on its own equally to whether an e-krona should be introduced and, if and so, in what form. It is a conclusion that must accept substantial political support."