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Sweden’s central bank, the Riksbank, has proposed to parliament that it begin a legal review to prepare for the possible introduction of a central bank digital currency, or CBDC, known as the e-krona.
In a letter, the Riksbank said rising geopolitical risks, the push to introduce a digital euro and the spread of stablecoins could require a reassessment of the need for a digital krona. It said wider adoption of foreign currency-based stablecoins and the digital euro could weaken the krona’s competitiveness as a means of payment over the long term. The central bank also presented an option to use the European Central Bank’s digital euro infrastructure if the e-krona is introduced. While no decision has been made on whether to issue it, the Riksbank said system development and deployment by the central bank and the financial industry alone would take at least five years, while legal revisions would require additional time, making advance legal preparations necessary.