Swedish Central Bank Publishes Digital Currency ‘Economic Review’

Swedish central bank publishes digital currency ‘economic review’. The Riksbank released the 98-page document outlining its own proposals for an e-krona, a fiat token issued by a central bank. In the introduction of the report, the bank acknowledge its theme would focus on CBDC’s.

Reflecting on the challenges and opportunities posed by digital currency in a central bank, the report states that there may be difficulties for the bank, particularly with regard to fraud, cybercrime and money laundering.

“An open DLT network is associated to several disadvantages; every transaction must be verified by every participant (cf. blockchain) in a time and resource consuming manner. The responsibility for the Riksbank regarding AML, KYC & CTF could be indefinite. Fraud and cyber-attacks are hard to prevent in an open network,” it stated.

Nevertheless, the work is the latest step towards an official CBDC launch. The review comes at a time of increasing interest in CBDCs from central banks worldwide. A number of global central banks known to be in various stages of development of their own CBDC projects.

[image: Jonathan Brinkhorst]

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