Brief
Swedish Riksbank urges lawmakers to start digital krona legislation
The Riksbank recommends starting legal work on a CBDC as the ECB moves toward a digital euro.
By Felo News Desk · Published
Sweden’s central bank has written to the Finance Committee of parliament urging the preparation of legislation for a possible digital krona, the outlet Cointelegraph reported on Oct. 15.
What happened
In a letter dated Oct. 7, the Riksbank highlighted the European Central Bank’s digital euro pilot slated for 2027 and a potential public launch in 2029. It warned that without a comparable digital currency, Sweden’s payment system could lose competitiveness.
What the reports add
The Riksbank noted the growing use of foreign‑currency stablecoins, especially those pegged to the US dollar, as a longer‑term concern, though it sees near‑term risk as limited. It estimated a digital krona rollout would require at least five years, not counting legislative time, and therefore recommended starting legal preparations now.
What was said
“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.
How it came about
The request follows a 2023 government inquiry that concluded there was insufficient need for a CBDC, but the Riksbank now cites the ECB’s progress and stablecoin trends as reasons to reconsider.
Key facts
- The Riksbank sent a letter to parliament’s Finance Committee on Oct. 7 urging digital krona legislation (cointelegraph.com)
- The ECB plans a digital euro pilot in 2027 and a possible launch in 2029 (cointelegraph.com)
- Introducing a digital krona would take at least five years, excluding legislative time (cointelegraph.com)
- The Riksbank sees stablecoins pegged to foreign currencies as a longer‑term concern for the krona (cointelegraph.com)
Sources
- [1] cointelegraph.com — originally reported as “Sweden’s Riksbank Recommends Digital Krona Preparations”
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