Sweden’s central bank, the Riksbank, has urged lawmakers to get legislation ready for a possible launch of the e-krona, pointing to two developments: the European Central Bank’s work on a digital euro and rising use of foreign-currency stablecoins. In a letter, 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 argued that if a payment system lacks a digital version of the national currency, its competitiveness could be weakened. It also said wider use of foreign-currency stablecoins, including dollar-pegged tokens, for payments in Sweden could put pressure on the use of the Swedish krona, though it sees the near-term risk as limited. The Riksbank estimates 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 urged lawmakers to prepare legislation for a possible e-krona, according to ChainCatcher.
The bank cited two reasons: the European Central Bank’s push on the digital euro and growing use of foreign-currency stablecoins. In a letter, 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 Riksbank said a payment system without a digital version of its domestic currency could see its competitiveness affected. It also said that foreign-currency stablecoins, including dollar-pegged tokens, if widely used for payments in Sweden, could put pressure on the use of the Swedish krona, although the short-term risk is limited.
The bank estimates that launching an e-krona would take at least five years, and that timeline does not include the time needed for legislative changes.
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