Sweden Revives E-Krona Debate as Digital Euro and Stablecoins Advance

The Riksbank wants Sweden to prepare for possible e-krona legislation as digital euro plans, stablecoins and resilience concerns challenge the cashless economy.

jajoy39

Oct 23, 2026 - 12:13

Oct 23, 2026 - 13:21

0 4

Sveriges Riksbank building (file photo). Image source: Sveriges Riksbank. https://www.riksbank.se/en-gb/about-the-riksbank/the-building/

Sweden Revives E-Krona Debate as Digital Euro and Stablecoins Advance

Sweden’s central bank has revived discussion about an e-krona as the country’s reliance on digital payments raises questions about the future role of national money. Riksbank Deputy Governor Per Jansson told Reuters that a usable digital form of the krona could matter if cash continues to fade and other cross-border payment instruments become more convenient.

Why the issue has returned

A Swedish government inquiry in 2023 found no urgent need for a central bank digital currency. The Riksbank is now pointing to the European Central Bank’s digital-euro work and to stablecoins that could compete with the krona in international payments. A survey cited by Reuters found that only 5% of Swedes used cash for their most recent purchase.

In its primary recommendation, the Riksbank said an inquiry should examine legislative changes needed to introduce an e-krona within a reasonable time if Parliament decides the bank should be allowed to issue one. The recommendation is preparation, not a decision to launch.

Resilience is also part of the case

Swedish officials and banking analysts have linked payment resilience to national defence. A payment system that can function during an attack or electricity blackout could reduce dependence on foreign infrastructure and commercial providers. The Riksbank also said an e-krona based on a future digital-euro platform might support offline capability and compatibility.

A long process remains

Jansson said legislation and preparation could take at least five years. Parliament would need to decide whether the Riksbank could issue the currency. The central bank’s position therefore amounts to a call to begin work early, while leaving the final policy choice with lawmakers.

Illustrative file photo of Stockholm’s Gamla Stan at night; not a central-bank event or a rendering of the proposed e-krona. Photo: Unsplash. Unsplash License; cropped to 16:9. Image source; license.