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Sweden has completed the first stage of testing the digital crown

Sweden is on the list of those states that want to launch a national digital currency (CBDC) in the near future. The kingdom’s central bank announced this week that the first phase of testing the digital crown has been completed successfully. During the tests, experts from the Central Bank discovered several problems in the processing of transactions. All of them will be resolved before the token becomes available to all Swedish citizens. At the same time, the regulator fears that due to the increased load on the network, technical problems may arise due to the weak scalability of the CBDC. The pilot project is being implemented as usual, the Central Bank stressed. However, one must take into account the fact that with the full launch of the digital crown, a large number of people will use this tool. As a result, we may encounter a failure in the operation of the system responsible for processing transactions. In the future, the regulator plans to gradually increase the load on the network in order to analyze its bandwidth and solve problems if any arise during the tests. During an interview with Bloomberg, Mitra Sundberg, representing the Kingdom’s Central Bank, stressed that a new regulatory framework needs to be created before implementing CBDC. The process of testing the token itself may drag on until 2026, the official said.

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