With cash usage down, a digital euro on the horizon and stablecoins gathering momentum, Sweden’s central bank has reignited debate on whether the country should roll out an e-krona.
The Riksbank began examining a CBDC nearly a decade ago so the public would retain access to a state-guaranteed payment instrument. After technical trials, a 2023 government inquiry found no urgent need for an e-krona.
Deputy governor Per Jansson told Reuters it may be time to revive the debate. A 2026 Riksbank survey found only 5% of Swedes used cash for their most recent purchase, while stablecoin usage is rising and a digital euro is pencilled in for 2029.
Jansson: Sweden is very cash-light. If cash becomes digital and Swedish kronor are not available in a usable digital form, the krona may not compete with convenient cross-border digital instruments. Falling krona use could weaken monetary policy transmission and financial stability.
Any e-krona would take at least five years to roll out. Jansson: if Sweden wants a digital krona and to avoid falling too far behind, beginning work now is prudent.