Sweden’s central bank, the Riksbank, has urged lawmakers to begin preparing legislation for a possible launch of the e-krona, pointing to two developments behind the recommendation: the European Central Bank’s work on a digital euro and the growing use of foreign-currency stablecoins. In a letter sent to parliament’s finance committee on Oct. 7, the Riksbank said the ECB plans to begin a digital euro pilot in 2027 and could make it available to the public in 2029. The bank said the competitiveness of Sweden’s payment system could be affected if it does not include a digital version of the national currency. It also warned that wider use of foreign stablecoins, including dollar-pegged tokens, for payments in Sweden could put pressure on the use of the Swedish krona, while adding that the short-term risk remains limited. The Riksbank estimated that launching an e-krona would take at least five years, not including the time required for legislative changes.
Sweden’s central bank, the Riksbank, has advised lawmakers to prepare legislation for a possible e-krona, citing the European Central Bank’s progress on a digital euro and the increasing use of foreign-currency stablecoins.
In a letter to parliament’s finance committee dated Oct. 7, the Riksbank said the ECB plans to start a digital euro pilot in 2027 and could roll it out to the public in 2029.
The bank said the competitiveness of the payment system could be affected if it lacks a digital version of the domestic currency. It also said broader use of foreign stablecoins, including dollar-pegged tokens, for payments in Sweden could put pressure on krona usage, though the short-term risk is limited.
The Riksbank estimated that launching an e-krona would take at least five years, not including the time needed for legislative changes.
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