Sweden’s Riksbank revives e-krona debate, warns of foreign stablecoins

24 Oct 2026

24 Oct 2026, 02:12 UTC+02:00

Sweden, one of the most cashless countries in the world, is reopening the question of a central bank digital currency. The Riksbank is calling on lawmakers to reconsider an e-krona, warning that stablecoins tied to foreign currencies and a future digital euro could push the krona aside in everyday payments.

Why now

A 2023 government inquiry found too little need for an e-krona. The Riksbank argues that changes in payment habits and growing security risks justify a fresh review. “If our cash becomes digital and Swedish kronor are not available in a usable digital form, then the krona may not be able to compete with other, more convenient digital payment instruments that can easily be used across borders,” Deputy Governor Per Jansson told Reuters.

Cash use has collapsed. Only 5% of Swedes surveyed paid with cash for their last purchase, according to Riksbank data cited by CoinDesk. If people shift to payment instruments in other currencies, the central bank could find it harder to steer the economy and protect financial stability. In a recent letter the bank said the near term risk from foreign stablecoins is small but the long term threat is real.

Backup and timeline

The Riksbank also sees an e-krona as a fallback during power or telecom outages, with offline payments as a possible feature. It has not decided whether to issue one but wants legislative work to start now, because a launch would take at least five years. Sweden could build on the digital euro’s infrastructure, which might debut in 2029 if EU lawmakers approve the necessary rules.

What it means for traders

• Stablecoins are on central banks’ radar: Sweden joins a growing list of authorities that treat dollar stablecoins as a monetary sovereignty issue. Expect tighter rules on non-euro stablecoins in Europe under MiCA.
• Euro stablecoins may gain: regulated euro tokens could become more important on EU exchanges.
• Choose MiCA compliant venues: European traders should check which exchanges are authorised under MiCA in our exchange comparison and read how we score regulation in our testing methodology.

Sources

• CoinDesk: Sweden's central bank revives e-krona debate as stablecoins and digital euro loom

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