The second round of testing for the Swedish central bank’s crypto project, a projected CBDC is known as the e-krona, has been reportedly completed. The asset is now ready in terms of technology to be incorporated into banking networks and ease transactions using blockchain technology, according to Riksbank, the country’s national bank.

The CBDC was evaluated during the second phase of the e-krona pilot project, which began in February 2021, for its technological capacity to work inside the country’s current digital banking infrastructure. Handelsbanken and Tietoevry were among the banks that took part.

In particular, the e-krona may be effectively swapped for fiat money and utilized in both online and offline transactions. The project’s legal status as an “electronic form of cash” was also clarified during this round of testing.

A lot of uncertainties concerning the currency’s future persist as the project approaches its third phase. Riksbank has yet to affirm its plan to issue the e-krona to citizens and has not specified the legislative framework on which it would be based. However, in January 2021, Riksbank stated that the project’s proof-of-concept would use Corda, a distributed ledger technology developed by R3.

National digital currencies continue to be talked about quite a lot among financial regulators all over the world. According to the PwC Global CBDC Index, 80 percent of central banks are planning or have already started a CBDC. The survey also showed that Nigeria’s “eNaira” is the most developed CBDC at the present. In both the retail and wholesale categories, it achieved a perfect score of 95. CBDC research, testing, and implementation are expected to pick up this year, according to PwC.