Specifically, the pilot phase will run within a 1-year period, lasting until February 2021.
Upon the official introduction of the e-krona to the public, this new CBDC, powered by blockchain, is expected to boost the performance of conventional payments, as well as banking activities, all across the country of Sweden.
This means that, blockchain-based payment options will be the primary facilitating force for day-to-day transactions, instead of using the current credit card and fiat money means of payment.
Nations around the world are putting in extensive efforts to research, and come up with their own version of a central bank digital currency, and Sweden has been on the frontline of the development, by being the second country (only topped by the Bahamas), to disclose its actually detailed plan to establish the self-developed national cryptocurrency.
Previously, the Bahamas has initiated a CBDC pilot program in December last year, and looks to release the official version some time in 2020.