Great news for the XRP Community and Ripple. The real application of blockchain technology has reached banks. And it looks like it is in full swing.
Today, Riksbank, the Swedish central bank, announced it is testing an electronic crown intended for the general public. The solution was developed by Accenture using the Corda corporate block chain.
At the same time, the bank emphasized that no decision had yet been made to switch to the digital currency of the central bank (CBDC), and the project was intended only for training.
Accenture won a contract to study electronic crown in December last year. The initial test will last until February 2021.
How electronic krona can affect the Swedish economy depends in part on the structure of the currency. Hence the need for a pilot project. Test users will store e-krona in a digital wallet, which will allow them to make and receive payments. In addition, there will be solutions for smart watches and cards. The possibility of using the currency offline will also be explored.
Before using a wallet, it must be activated by a participant connected to a network with distributed ledger technology (DLT), mainly banks. Once activated, e-kronor can be used for retail payments, individual payments or transfers from and from bank accounts.
The solution will include modeling of existing financial infrastructure and settlement systems.
Banks will have to exchange deposits in the central payment system RIX in exchange for electronic crowns. Direct participants who manage nodes (nodes) must have access to RIX, but the central bank also allows indirect participants. The central bank controls the private DLT network and is the only one who can decide who has the right to add a node.
However, RIX is used only for issuing and redeeming currencies, and not for transactions that will be performed separately. Riksbank noted that since the DLT network is separated from existing payment systems, it can offer some additional reliability in the event of a main network failure.
The Swedish central bank is interested in studying CBDC due to reduced use of cash. This is also one of the factors behind the Chinese digital currency DC / EP. But other central banks, such as the ECB and the Federal Reserve, noted that they did not have such problems.
MORI and OMFIF published a survey of 13,000 people about consumer attitudes towards CBDC and other digital currencies. They found a significant difference in appetite between emerging markets, where citizens were interested, and developed countries, where consumers were much more cautious.
R3’s Corda Settler uses RippleXRP tokens to calculate transactions. Representatives of R3 previously stated that Ripple XRP will be the first globally recognized crypto asset that Corda works with. At the moment, it is known that the platform works exclusively with XRP support.
Corda Settler is an open source decentralized application on the Corda platform that allows you to create and fulfill payment obligations. The application checks the fact of payment and the receipt of money to the recipient’s account in real time.
Of course, the development of banking infrastructure with the support of the central banks of CBDC’s own cryptocurrencies is terrific news for the entire crypto community. In particular, this news pleases the XRP Community, since it seems that the Corda platform from R3 is the link (basis) on which the future global payment system is built. And this, in turn, has a positive effect on the price of the XRP token itself.