Sweden emerged as one of the first countries to explore the adoption of a central bank digital currency (CBDC) when its central bank, Sveriges Riksbank, announced a pilot platform for the e-krona in 2019. In April 2021, Sveriges Riksbank reported on the first phase of its digital currency pilot project and noted issues that will need to be addressed before e-krona use can be rolled out further. The Riksbank noted that the new CBDC technology needs further investigation to see whether it can manage retail payments on a large scale. It also noted privacy concerns, stressing that the information contained in an e-krona transaction about participants in previous transactions needs to be protected to uphold banking secrecy laws and avoid revealing personal data. This matter will be looked at further.
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