Sweden's central bank, the Riksbank, has urged lawmakers to begin preparing legislation for a possible digital krona, three years after a government inquiry found insufficient need for one. In an Oct. 7 letter to parliament's Finance Committee, it cited the European Central Bank's planned digital euro pilot in 2027 and potential public launch in 2029, warning that Sweden's payment system could become less competitive without a comparable digital currency. It also flagged the growing use of foreign-currency stablecoins, particularly USD-pegged ones, as a longer-term concern that could pressure the krona, though it sees the near-term risk as limited. The Riksbank estimates a digital krona would take at least five years to introduce, excluding legislative changes, so it recommends starting legal preparations now even if Sweden ultimately decides against launching a CBDC.
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- Sweden Riksbank Urges Preparations For Potential Digital Krona Amid ECB Digital Euro Push
The Riksbank formally asked Swedish lawmakers, in a communication published on October 15, 2026 and dated October 7, to begin preparatory work on legislation enabling a digital krona, while stating it has not taken a position on issuance. It cites deteriorating geopolitics, hybrid threats including cyberattacks, and the fact that roughly 95% of Sweden's financial sector is privately run, along with the European Central Bank's digital euro, which is planned for a pilot in the second half of 2027 and a possible launch in 2029 serving around 350 million people. The central bank judges the near-term risk from foreign-currency stablecoins to krona demand as limited, though not negligible over the longer term. Because technical preparation would take at least five years, it argues a public inquiry should start now, possibly leveraging the ECB's digital euro infrastructure, with the final decision resting with the Riksdag.
- Sweden revisits digital krona as ECB advances digital euro plans
Sweden's Riksbank has urged lawmakers to begin preparing legislation for a possible digital krona, even though it has not decided to launch a CBDC. In an Oct. 7 letter to parliament's Finance Committee, the central bank cited the ECB's digital euro pilot planned for 2027 and a potential public launch in 2029, as well as the growing use of stablecoins pegged to the US dollar. The Riksbank warned that if foreign-currency stablecoins become attractive as a means of payment, the Swedish krona could come under pressure even within Sweden, though it sees the near-term risk as limited. It estimates that introducing a digital krona would take at least five years, excluding legislative changes.
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