Swedish Central Bank Calls on Parliament to Pass Laws for Launching Digital Krona

The Central Bank of Sweden, Riksbank, has urged Parliament to urgently pass laws for the launch of the digital krona (e-krona) due to the emergence of the digital euro and the rise of dollar stablecoins. The primary reason for launching a digital currency is security, which will allow payments to be made through Swedish and European payment systems even during power outages or telecommunications disruptions. Riksbank noted that creating the infrastructure for the digital krona will take five years, but parliamentary approval is needed first. If the authorities approve the launch of the e-krona, it may not appear before 2030. The European Union is also working on a digital euro, planning to launch a pilot program by the end of 2027, with a full launch scheduled for 2029. Riksbank expresses concerns that the new European payment infrastructure could put the Swedish krona at a disadvantage, as the digital euro will be accepted throughout the EU, while the digital krona will only be used in Sweden. There are particular concerns regarding dollar-pegged stablecoins, which have a global market volume of $301.4 billion, of which 99.5% is accounted for by dollar tokens. The market capitalization of euro-pegged stablecoins has increased by 128% over the past year.

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