Sweden’s central bank has put the e-krona back on the agenda.
On October 22, the Riksbank wrote to parliament asking it to reassess whether to issue a retail central bank digital currency. In an interview with Reuters the same day, Deputy Governor Per Jansson said Sweden is a society with very little cash use. A survey conducted by the bank earlier this year found that only 5% of Swedes had used cash during their most recent purchase. He said that if cash becomes digital and the Swedish krona has no usable digital form, it will struggle to compete with other digital payment tools that are more convenient and can be used across borders.
The letter to lawmakers also mentioned stablecoins, saying their development could affect the krona’s international competitiveness. If use of the krona declines, the transmission of monetary policy could be affected and financial stability could face challenges.
The timeline for the digital euro points to 2029. Jansson said the central bank has not yet taken a position on whether to issue an e-krona; the decision rests with parliament, and legislation plus other preparations would take at least five years.
$BTC is currently trading at $81,261.8, down 3.57% over the past 24 hours.
On October 22, the Riksbank wrote to parliament asking it to reassess whether to issue a retail central bank digital currency. In an interview with Reuters the same day, Deputy Governor Per Jansson said Sweden is a society with very little cash use. A survey conducted by the bank earlier this year found that only 5% of Swedes had used cash during their most recent purchase. He said that if cash becomes digital and the Swedish krona has no usable digital form, it will struggle to compete with other digital payment tools that are more convenient and can be used across borders.
The letter to lawmakers also mentioned stablecoins, saying their development could affect the krona’s international competitiveness. If use of the krona declines, the transmission of monetary policy could be affected and financial stability could face challenges.
The timeline for the digital euro points to 2029. Jansson said the central bank has not yet taken a position on whether to issue an e-krona; the decision rests with parliament, and legislation plus other preparations would take at least five years.
$BTC is currently trading at $81,261.8, down 3.57% over the past 24 hours.
