Sweden pushes digital krona legislation as ECB plans 2027 euro pilot

Sweden’s central bank has urged lawmakers to prepare legislation for a digital krona as the European Central Bank moves closer to testing its own digital currency and foreign stablecoins raise concerns about the Swedish currency’s future use. The Riksbank, in an Oct. 7 letter to parliament’s Finance Committee published on Oct. 15, said Sweden should begin examining the legal changes needed for a potential central bank digital currency (CBDC), even though no decision has been made to introduce one. Officials estimate that developing and introducing the digital krona would take at least five years, with legislative changes requiring additional time. The recommendation follows a 2023 government inquiry that found insufficient public need for a state-issued digital currency.

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