Sweden has reportedly achieved additional progress regarding the development of its own central bank digital currency (CBDC), dubbed the e-krona.

Specifically, the Sveriges Riksbank, the central bank of the nation, is reportedly moving forward with running testing for the asset with the assistance of a non-simulated party. 

“The e-krona pilot is therefore moving on from only having simulated participants, to cooperation with external participants in the test environment.” Riksbank reportedly revealed. 

Another collaborating participant in the testing process reportedly includes Handelsbanken – a local retail bank chain. 

In January, Riksbank reportedly provided its clarification, claiming that its e-krona proof-of-concept utilizes Corda, a distributed ledger technology (DLT) tool built by blockchain entity R3. 

Sweden has reportedly embarked on the journey to build its own CBDC for more than a year. In April, the nation is believed to have completed the initial stage of its CBDC trial. 

“For Handelsbanken, the project means the opportunity to participate in what may be among the first digital central bank-issued money in the world to be available to the public.” The Riksbank additionally noted. 

CBDCs have been the talk of the town since 2020, with nations still making strides towards further development in 2021. China has been at the forefront of the race when it comes to CBDC ambition, although the Bahamas has established its presence in the fall last year following a CBDC rollout, naming its currency the Sand Dollar.

Until recent times, Lael Brainard, the governor of the Federal Reserve, the central bank of the United States, has reportedly highlighted the important nature of a CBDC, regarding the nation’s standing as the reserve currency of the world.