Sweden revisits digital krona as ECB advances digital euro plans
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Sweden’s central bank is revisiting the possibility of introducing a digital krona, citing the European Central Bank’s (ECB) progress toward a digital euro and the growing use of stablecoins as reasons to reconsider a central bank digital currency (CBDC). In an Oct. 7 letter to parliament’s Finance Committee, published Thursday, the Riksbank urged lawmakers to begin preparing legislation for a potential digital krona, three years after a government inquiry concluded there was insufficient need for one. The letter pointed to the ECB’s planned digital euro pilot in 2027 and a potential public launch in 2029. According to the Riksbank, Sweden’s payment system could become less competitive without a comparable digital version of its own currency. The central bank also identified the growing use of foreign-currency stablecoins, particularly those pegged to the US dollar, as a longer-term concern, though it sees the near-term risk as limited. “If stablecoins pegged to foreign currencies are considered attractive as a means of payment, the use of the Swedish krona could come under pressure even within Sweden’s borders,” the letter read.
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