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Riksbank Deputy Governor Per Jansson has called for renewed discussion about a Swedish e-krona, warning that the krona could lose ground if it lacks a usable digital form. A 2023 government inquiry found no urgent need for one, and no decision to issue an e-krona has been announced.
Sweden’s central bank has reopened debate over a possible e-krona, with Deputy Governor Per Jansson telling Reuters that work may need to begin again as cash use falls and digital payment alternatives expand. His remarks signal a renewed case for examining a state-backed digital form of the currency, not a decision by the Riksbank to issue one.
Jansson said a digital krona could help preserve the currency’s role if people increasingly rely on electronic payments. “If our cash becomes digital and Swedish kronor are not available in a usable digital form, then the krona may not be able to compete with other, more convenient digital payment instruments that can easily be used across borders,” he told Reuters.
The Riksbank’s survey this year found that 5% of Swedes used cash for their most recent purchase. The figure illustrates the limited role of cash in that particular measure; it does not establish how often Swedes use cash across all transactions. The source report also points to rising stablecoin use and a digital euro pencilled in for launch in 2029 as developments prompting renewed attention.
Jansson said a rollout of an e-krona would take at least five years. He argued that starting work now would help Sweden avoid falling too far behind if it chooses to establish a digital version of the krona. The report does not describe a new project mandate, approved funding, design decision or launch commitment.
The Krona in Digital Payments
The debate concerns more than whether consumers can pay by phone or card. Jansson’s stated concern is that if digital alternatives become more convenient than the krona, people and businesses could rely less on Sweden’s currency in everyday payments. That is a potential risk he has identified, not evidence that the krona is already losing its role.
The deputy governor also linked currency use to the Riksbank’s responsibilities. He said a decline in use of the krona could create problems for the central bank’s ability to transmit monetary policy and safeguard financial stability. The implications would depend on how payment habits and competing instruments develop, and on what form an e-krona might take.
For the public, a central bank digital currency could offer a digital payment option backed by the state, according to the rationale behind the Riksbank’s earlier work. Whether such a system would be widely used, how it would interact with banks and private payment services, and what protections it would offer have not been settled in the reported remarks.
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From Earlier Trials to a New Debate
The Riksbank began examining a possible central bank digital currency nearly a decade ago, as the country’s use of cash declined. Its stated aim was to consider how the public could retain access to a state-guaranteed means of payment in a changing payments system. The work included technical trials, according to the report.
That earlier effort did not lead directly to an e-krona. A Swedish government inquiry in 2023 concluded that there was no urgent need to introduce one. Jansson’s comments revisit the question in light of current payment trends; they do not overturn the inquiry or establish that the government has changed its position.
The report places the renewed discussion alongside two developments beyond Sweden: the growth of stablecoins and plans for a digital euro, which it says is pencilled in for 2029. Those developments provide a regional and international backdrop, but the source does not say that either has caused a specific loss of krona use.
““Sweden is a very cash-light society, and that matters.””
— Per Jansson, Riksbank deputy governor, speaking to Reuters
No E-Krona Decision Yet
Whether the Riksbank will formally restart its project remains unclear. Jansson’s remarks express a view about the timing of possible work; the report provides no announcement of a central bank decision, government approval or implementation plan.
The proposed currency’s design, access arrangements, privacy safeguards, relationship with commercial banks, costs and effect on payment providers are not specified in the source material. It is also unclear how stablecoin use is changing in Sweden: the report describes usage as rising but gives no figures, measurement period or comparison baseline.
The 5% cash figure refers only to the payment method used for respondents’ most recent purchase, as described in the report. It does not by itself show the share of all transactions made in cash or establish how quickly cash use is changing. The 2023 inquiry’s conclusion that there was no urgent need also remains relevant unless a later official assessment changes it.
Whether Formal Work Resumes
The immediate next step is not specified. The Riksbank could decide to revisit its earlier research, but the report does not give a date for a decision or identify a new technical trial, consultation or government review. Any formal move would need to clarify the proposed scope and how it relates to the 2023 inquiry.
For now, the reported development is a renewed public argument from a senior central bank official. Further announcements from the Riksbank or Swedish government would be needed to establish whether that argument leads to a new e-krona programme, and on what timetable. Jansson’s estimate that rollout would take at least five years applies to a potential future launch; it is not a scheduled release date.
Key Questions
Has Sweden decided to launch an e-krona?
No. Deputy Governor Per Jansson has called for renewed consideration, but the report contains no Riksbank or government decision to issue an e-krona.
Why is the Riksbank revisiting the issue?
Jansson says declining cash use could leave the krona without a convenient digital form while other payment instruments become more widely used. He also cited potential implications for monetary policy transmission and financial stability.
How soon could an e-krona be available?
Jansson said a rollout would take at least five years. No start date or launch date has been announced.
What did the 2023 government inquiry conclude?
According to the report, the inquiry found there was no urgent need to introduce an e-krona. Jansson’s comments reopen discussion but do not establish that the inquiry’s conclusion has been formally revised.
What does the 5% cash-use figure measure?
The Riksbank survey found that 5% of Swedes used cash for their most recent purchase. The report does not give a broader transaction share or a comparison period for that statistic.
Source: finextra.com
