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- Riksbank has revealed the finalization of the first phase of its digital currency project.
“The solution tested in phase one of the e-krona pilot has met the performance requirements made in the public procurement. But this has taken place in a limited test environment, and the new technology’s capacity to manage retail payments on a large scale needs to be investigated and tested further.”The Riksbank also indicated that there were challenges in information privacy, stating a need to check if it meets the banking secrecy laws and whether the system protected personal data. Swedish central bank had indicated that it would be ready to launch the CBDC system in 2018 but has postponed the launch date for years. The Riksbank now says the second phase of the project might not be piloted until next year and gives itself until 2026 to be fully ready. The head of Riksbank’s unit in charge of the project insisted that it is not right to settle on the system before knowing the digital currency's exact work. The Riksbank has also made it clear the project will not replace its fiat any time soon.