Swedish Central Bank Suggests Preparing Legislation for Digital Krona

The Swedish central bank has advised lawmakers to prepare relevant legislation for a potential launch of the digital krona, citing the European Central Bank's advancement of the digital euro and the increasing use of foreign stablecoins. In a letter to the parliamentary finance committee dated October 7, the bank stated that the European Central Bank plans to initiate a pilot program for the digital euro in 2027, with a possible public launch in 2029. The Swedish central bank noted that the competitiveness of the payment system could be affected if there is no digital version of the national currency. It believes that foreign stablecoins, such as those pegged to the US dollar, are widely used for payments within Sweden, which may put pressure on the use of the Swedish krona, although short-term risks are limited. The Swedish central bank estimates that launching the digital krona will take at least five years, not including the time required for legislative changes.

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