Handelsbanken, considered to be one of the oldest and largest banks in Sweden, has emerged as the first participant in the central bank digital currency trial spearheaded by Riksbank.
The governor of Sweden’s central bank has issued a five-year time frame within which he expects the country to have a central bank digital currency.
The main obstacle encountered during the trial was scalability, which it identified as a potential bottleneck to adoption, according to Riksbank.
A trial of Sweden’s e-krona will be extended for another year to 2021, in a bid to better understand the benefits and implications of a wider roll-out.
The review will reportedly take two years, with the results expected to dictate the way forward for the European nation.
The Riksbank hopes to secure funding for a period of five years should its application to host the hub be successful.
While some individuals still don’t understand the role cryptocurrency has in a global economy, there are more and more signs showing how crypto is gaining a larger market share.