Sweden’s central bank is asking lawmakers to reopen the debate over a digital krona, warning that foreign-currency stablecoins and a future digital euro could gradually weaken the krona’s role in domestic payments. The Riksbank has not decided that an e-krona should be issued, but says preparations for legislation should begin because creating one could take at least five years.
Why the Riksbank is raising the issue
An e-krona would give the public access to money issued by Sweden’s central bank in digital form. The Riksbank argues that changing payment habits and rising security concerns justify another examination of the idea, even though a government inquiry in 2023 concluded that there was not enough need for a digital krona at that time.
Deputy Governor Per Jansson said the position of the krona could become more difficult if cash disappears without a practical digital version of the currency replacing it. In that situation, payment instruments that are more convenient and usable across borders could gain ground, according to remarks he gave to Reuters on the sidelines of a conference.
The central bank’s concern is not an immediate loss of demand for the krona. Rather, it is focused on how the payment system could evolve over the longer term. Stablecoins linked to foreign currencies could give users a digital way to transact without relying on the Swedish currency, while a digital euro could provide a digital payment option backed by the euro area’s central banks.
Cash decline and payment resilience
The Riksbank’s case is also linked to Sweden’s sharp move away from physical money. Riksbank data cited in the report showed that only 5% of surveyed Swedes used cash for their most recent purchase.
If the krona becomes less important in everyday payments, the central bank says it could become harder to manage the economy and safeguard financial stability. Central bank money also has a distinct role from privately issued payment instruments: an e-krona would be a digital form of money directly issued by the central bank, rather than a token or account provided by a private company.
The proposed system could also serve as a contingency payment method. The Riksbank has identified offline payments as a possible feature, allowing the e-krona to function as a backup during power or telecommunications outages. The source material does not say that this feature has been finalised.
A long timetable and the digital euro connection
Swedish lawmakers have not approved an e-krona. The Riksbank therefore wants the legislative groundwork to start now, arguing that the process of developing and launching the system would take at least five years.
Sweden may be able to use infrastructure developed for the digital euro rather than build every part of a digital payment system independently. The digital euro could potentially launch in 2029, but only if European Union lawmakers approve the necessary rules. That timetable means the debate over Sweden’s own digital currency is taking place alongside a broader European discussion about how central bank money should work in a largely digital payments environment.
The Riksbank’s position remains cautious. It is calling for lawmakers to reconsider the question and prepare for a possible system, not announcing a final decision to issue an e-krona. The central bank’s argument is that waiting until digital alternatives are already widely used could leave fewer options for preserving the krona’s role in payments.
Current market picture
Moneyiar market data at 08:04 on October 24, 2026, showed the following selected digital-asset prices and moves:
- Stable (STABLE): $0.0264283698, up 3.48% over 24 hours and 1.77% over seven days.
- Monad (MON): $0.0211483295, down 2.51% over 24 hours and 6.69% over seven days.
- Basic Attention Token (BAT): $0.1627272439, down 6.78% over 24 hours and 19.3% over seven days.
- Comedian (BAN): $0.0581935963, up 2.22% over 24 hours and 6.9% over seven days.
These figures describe selected market assets and do not represent the proposed Swedish digital currency, which has not been approved or launched. The Riksbank’s debate is instead about the future structure of payments, monetary control and access to central bank money as cash usage continues to decline.
