Sweden's central bank, the Riksbank, is calling on lawmakers to reconsider a digital krona, warning that foreign-currency stablecoins and a planned digital euro could erode the krona's role in payments. A 2023 government inquiry found too little need for an e-krona, but the Riksbank says changing payment habits and growing security risks may warrant a new review. Only 5% of Swedes used cash for their last purchase, and the bank warns the krona could struggle to compete without a usable digital form. The Riksbank has not taken a position on issuing one, but says legislation would take at least five years, so preparations should start now. It also sees an e-krona as a backup payment option during power or telecom outages, and the digital euro's infrastructure could be reused, with that digital currency potentially debuting in 2029 if EU lawmakers approve the rules.
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Original headline: Sweden’s central bank revives e-krona debate as stablecoins and digital euro loom
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