First European Central Bank Launches Digital Currency Testing

The Central Bank of Sweden was the first in Europe to begin testing its own digital currency (CBDC). The pilot program will be in operation for one year, until February 2021.

First European Central Bank Launches Digital Currency Testing

The press release of the Central Bank emphasized that during the test, citizens will be able to evaluate the benefits of using a coin - e-krona. Transferring the coin to the recipient will be as easy as sending an email.

A statement about the start of the CBDC trials was published after the Central Bank of Sweden became a member of the analytical center for blockchain technologies, created under the auspices of the Davos Economic Forum.

Talk about the launch of the digital version of the krona in Swedish society has been going on for the past few years. The Kingdom’s Central Bank has repeatedly stated that in the transition to a digital economy, the release of its own and regulated cryptocurrency will be necessary.

In addition to Sweden, the Bank of France is also showing interest in the cryptocurrency industry. At the end of last year, this regulator announced the launch of the digital version of the euro, which will become an alternative to Facebook's Libra token.