Sweden’s Central Bank Revives E-Krona Debate Amid Stablecoin and Digital Euro Pressure

The short version

Only 5% of Swedes surveyed used cash for their most recent purchase, according to Riksbank data cited by Reuters and CoinPaprika.

Per Jansson, Deputy Governor of the Riksbank, warned legislators in October 2026 that the Swedish krona risks losing out to cross-border digital payment instruments without a digital counterpart.

Dollar-pegged stablecoins have exceeded $250 billion in total market value, driven by Tether at about $182.5 billion and USDC at about $71.9 billion as of October 23, 2026.

The European Central Bank plans a digital euro pilot in the second half of 2027 with a potential launch in 2029.

Drafting legislation and preparing an e-krona would take at least five years, according to the Riksbank.

Sweden's central bank is pushing lawmakers to restart work on a digital currency, warning that the national currency risks losing ground to private stablecoins and the incoming digital euro. Reuters and CoinPaprika reported that Riksbank Deputy Governor Per Jansson addressed the Riksdag’s Committee on Finance in October 2026, urging the parliament to begin drafting legislation for an e-krona.

Why is the Riksbank pushing for an e-krona now?

Per Jansson stated that Sweden's status as a cash-light society makes a digital currency essential for the krona to remain competitive. Jansson said during a conference appearance on October 22, 2026, that if cash becomes digital and Swedish kronor are not available in a usable digital form, the krona may not be able to compete with other, more convenient digital payment instruments that can easily be used across borders. Jansson added that if Sweden wants to avoid falling too far behind, beginning the work now is critical.

Data cited by Reuters and CoinPaprika shows that only 5% of Swedes surveyed used cash for their most recent purchase. Meanwhile, CoinPaprika reported that dollar-pegged stablecoins have surpassed $250 billion in total market value, with Tether (USDT) at about $182.5 billion and USDC at about $71.9 billion on October 23, 2026.

How do defense concerns factor into the debate?

Resilient payment systems have become a core component of Sweden's total-defence strategy against war, cyber threats, and infrastructure attacks. Amanda Sundstrom, a senior macro strategist at banking group SEB, told Reuters that the ability to pay during an attack or electricity blackout is extremely important and ranks among the most vulnerable parts of society.

This security focus marks a shift from a prior government inquiry in 2023, titled "The State and Payments," which concluded that there was too little need for a central bank digital currency in Sweden at that time.

What are the next steps for the digital euro and e-krona?

The European Central Bank plans to run a digital euro pilot in the second half of 2027, with a potential launch slated for 2029 pending approval from EU lawmakers, according to CoinPaprika. The proposed digital euro targets a population of around 350 million people.

For Sweden, the Riksbank estimates that introducing necessary legislation and preparing an e-krona would take at least five years. The ultimate decision rests with the Riksdag, as the Riksbank requires parliamentary consent under the Sveriges Riksbank Act and has not yet taken a definitive stance on issuing the currency.

Frequently asked questions

When could the digital euro launch?

The European Central Bank plans a digital euro pilot in the second half of 2027 and could launch the digital currency in 2029, pending approval from EU lawmakers.

Who decides whether Sweden issues an e-krona?

The Riksdag, Sweden's parliament, must decide whether to issue an e-krona following a required parliamentary consent process under the Sveriges Riksbank Act.

How long would it take to prepare an e-krona?

According to the Riksbank, introducing the necessary legislation and completing preparations for an e-krona would take at least five years.