Sweden’s Central Bank Calls for a Fresh Look at a Digital Krona

Sweden’s central bank wants lawmakers to revisit the idea of a digital krona, arguing that foreign currency stablecoins and a planned digital euro could weaken the krona’s role in everyday payments.

Why the Riksbank Is Raising the Issue Now

A government inquiry in 2023 saw little need for a digital krona. The Riksbank says things have changed since then, as people pay in new ways and security risks keep growing. Cash has become a rare choice for many Swedes, with just 5 percent using it for their most recent purchase.

What a Digital Krona Could Offer

Deputy Governor Per Jansson warned that if money becomes digital and the krona is not available in a usable digital form, it may struggle to compete with payment tools that work easily across borders. The bank also sees a digital krona as a backup during power or telecom outages, with offline payments among its possible features.

Timeline and Next Steps

The Riksbank has not decided whether to issue one, but it wants lawmakers to begin preparing legislation now, since building the system would take at least five years. Sweden could reuse infrastructure from the digital euro, which may launch in 2029 if EU lawmakers approve the required rules.