Sweden’s central bank is urging lawmakers to take a fresh look at issuing a digital krona, cautioning that foreign-currency stablecoins and a planned digital euro could chip away at demand for the krona in everyday payments.
Jansson’s warning
Deputy Governor Per Jansson raised the issue on the sidelines of a conference, saying the krona’s competitiveness is at stake if it cannot keep pace digitally. He warned that if cash goes digital and the krona is not available in a usable digital form, it may struggle to compete with more convenient instruments that work easily across borders.
Only 5 percent of Swedes surveyed said they used cash for their last purchase, according to Riksbank data, underscoring how far the country has already moved from physical currency. The Riksbank says launching an e-krona would take at least five years, which is part of why it wants legislative groundwork to begin now rather than later.
Unresolved legislative question
A government inquiry in 2023 concluded there was too little need for an e-krona, but the Riksbank argues that shifting payment habits and rising security risks may justify revisiting that conclusion. Lawmakers have not yet approved the project, and the central bank says it has not itself taken a position on whether an e-krona should ultimately be issued.
The digital euro could arrive as soon as 2029 if European Union lawmakers approve the necessary rules, and the Riksbank has noted that an e-krona could draw on that infrastructure. In a recent letter, the Riksbank also flagged that stablecoins tied to foreign currencies pose little near-term risk to the krona but could become a longer-term threat.
Officials see a further case for an e-krona as a backup payment method during power or telecom outages, potentially including offline functionality. The euro traded at $1.1201 as of 24 October 2026, 02:49 GMT, by MacroHerald’s own measurement.
Data: Swissquote
