Sweden reconsiders digital krona as digital euro and dollar stablecoins rise

Sweden’s Riksbank says the digital euro and dollar-backed stablecoins may soon warrant another look at a digital krona, although no issuance decision has been made. In an October 7 letter to parliament, it argued that changes since an earlier inquiry could justify reassessing Sweden’s need for digital central bank money. Why the central bank is reopening the question The issue of security is another motivating factor for contemplating the introduction of a digital krona. Because 95% of Sweden’s financial industry is managed by private institutions, the Riksbank is concerned about how the payment system can be safeguarded from cyberattacks or major disruptions. A digital krona may allow for payments made via the Swedish as well as the European payment systems regardless of outages in power and telecommunication systems.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.