Sweden’s central bank to test the use of retail CBDC for instant payments

Sveriges Riksbank, Sweden’s central bank, is teaming up with peers in Israel and Norway and the Bank for International Settlements (BIS) to test instant payments via retail cross-border central bank digital currency (CBDC).

“Project Icebreaker” is the fourth cross-border CBDC project that BIS has participated in. The “Project Icebreaker” program will continue till the end of the year, with a final report expected in the first quarter of 2023.