Swedish Central Bank to Test Digital Krona Through Smart Contracts

The Bank of Sweden announced in April 2021 it had completed the first phase of testing the digital version of the krone. In a statement, the regulator noted that technical problems arose during the tests, but in general they were successful.

On Wednesday, the central bank announced it plans to test the token through its integration into smart contracts.

The regulator believes the digital coin will become part of the financial sector based on blockchain technologies. Transactions through smart contracts are the future of the global financial system, the Central Bank emphasized.

However, even after all the tests, the regulator may not issue a digital krone if it sees risks to the stability of the financial system. With the help of smart contracts, transactions without intermediaries will become possible, thanks to which it will be possible to minimize transaction costs.