Sweden Riksbank digital krona proposal

Sweden’s central bank, the Riksbank, has urged the Swedish parliament to begin preparing the legal framework required for the potential introduction of a digital krona. This recommendation revives a debate that had been sidelined following a 2023 government inquiry which concluded there was insufficient need for a central bank digital currency (CBDC).

The Riksbank cited several drivers for this renewed interest, including the European Central Bank’s progress toward a digital euro and the potential long-term risk of foreign-currency stablecoins undermining the domestic use of the krona. Deputy Governor Per Jansson noted that Sweden’s status as a highly cash-light society—where surveys indicate only 5% of respondents used cash for their most recent in-store purchase—makes the issue critical.

Additionally, the bank highlighted payment resilience as a matter of national defense, suggesting a digital currency could maintain payment capabilities during cyberattacks, telecommunications outages, or electricity blackouts. The Riksbank estimates that implementation would require at least five years, excluding the time needed for legislative changes.