After completing the beginning phase of its digital currency pilot project, Sveriges Riksbank has found some critical issues that must be addressed before Stockholmers can purchase java and kanelbullar with e-krona.

In a contempo written report, Sweden's key banking company presented the showtime results of its central depository financial institution digital currency pilot on a network based on R3'south Corda blockchain.

The Riksbank false core aspects of a potential CBDC system, including liquidity supply via the Riksbank's settlement system, RIX, and network members serving as e-kronor distributors. The central depository financial institution also simulated participants, finish-users and payment instruments similar mobile apps.

The Riksbank said that the new CBDC engineering needs further investigation, with scalability presenting a major bottleneck.

"The solution tested in stage one of the e-krona pilot has met the performance requirements made in the public procurement. Just this has taken identify in a limited test environment and the new technology'southward capacity to manage retail payments on a large calibration needs to exist investigated and tested farther," the written report noted.

The fundamental banking company also noted some privacy challenges, stressing that the data contained in an e-krona transaction must be protected to uphold banking secrecy laws and avoid revealing personal data.

"The Riksbank is currently analysing to what extent the information stored in the transaction history can exist regarded equally information covered by cyberbanking secrecy and whether it comprises personal information," the bank stated.

Mithra Sundberg, head of Riksbank's e-krona pilot division in Stockholm, said that Sweden's CBDC could probably require a new legal framework earlier it tin exist used. Given the telescopic of issues that need to exist addressed before an eastward-krona tin be seriously adult, Riksbank may continue its blockchain pilots until 2026.

Riksbank stated that it will extend its agreement with accounting giant Accenture as a technical supplier to continue eastward-krona testing. The focus for the 2d phase will include potential distributors of the e-krona, CBDC functioning in retail payments, as well every bit storage methods. The new phase volition likewise exam offline e-krona functionality and integration with existing point-of-sale terminals.

As previously reported, Sweden has emerged every bit one of the world's earliest CBDC explorers, announcing a airplane pilot platform for the e-krona in late 2019.