The Central Bank of Sweden Riksbank has urged parliament to pass laws as soon as possible to launch the digital e-krona, noting that building the necessary infrastructure will take five years and could lead to a launch no earlier than 2030.
Launch timetable and legislative steps
According to the regulator, parliamentary approval and amendments to legislation are required before implementation can begin. Riksbank said that creating the infrastructure for the digital krona will take five years, so even with prompt decision-making the e-krona may not appear before 2030.
The European Central Bank (ECB) plans a pilot programme for a digital euro at the end of 2027 and a possible full launch in 2029, provided the relevant laws are adopted. On 15 September the ECB announced it was accepting applications from e‑commerce companies to participate in tests of the beta version of the digital euro.
Payment security and operation during infrastructure failures
Riksbank cites security as the main argument in favour of a central bank digital currency (CBDC). According to the regulator, payments with a digital krona could be conducted via both Swedish and European payment systems even if there is a power outage or disruptions to telecommunications networks.
Riksbank proposed legalising a state cryptocurrency as a means of payment five years ago amid declining cash use. Last year the Sweden Democrats also proposed creating a state reserve of bitcoins to combat inflation.
Concerns about euro infrastructure and stablecoins
Riksbank warns that the future European payment infrastructure could put the Swedish krona at a disadvantage, because a digital euro would be accepted across the European Union while a digital krona would be accepted only in Sweden with limited access to international settlements.
Special concerns are raised by dollar stablecoins: according to the platform Token Terminal, the size of the global stablecoin market is $301,4 bn, of which $299,9 bn (99,5%) are dollar tokens, while stablecoins pegged to the euro account for $913,1 m (0,3%).
Euro stablecoin dynamics
According to DECTA, the market capitalisation of eight euro‑pegged stablecoins that fall under the Markets in Crypto-Assets (MiCA) regulation increased by 128% — from $295,6 m to $673,9 m in the period from July last year to June this year. The trading volume of these tokens rose by 43,1%, to $67,3 m.
Riksbank uses these data to argue for the necessity of its own digital currency and to speed up legislative steps towards launching the e-krona.
