Sweden has strengthened its position in the race for a central bank digital currency (CBDC) after concluding the first phase of testing for its proposed currency, e-krona. In one of the most advanced explorations undertaken by a major economy, Sweden’s central bank, Riksbank, is now bringing in banks to test how the digital currency might work practically.
Others seem to be taking the process slowly. U.S. Federal Reserve Chairman Jerome Powell recently said the U.S. would rather be right than first. But with vested interest still, Powell told Congress last month that the Fed was looking “very carefully at the question of whether we should issue a digital dollar,” calling it a “very high priority project for us.”