E-Krona or Bust, Says Sweden's Chief Central Banker, Trying to Drag Swedish Govt Into Digital Age

Riksbank Governor Stevan Ingves sees a Swedish digital currency as an imperative for the central bank.

AccessTimeIconOct 16, 2020 at 7:54 p.m. UTC
Updated Sep 14, 2021 at 10:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Sweden's top central banker Stefan Ingves has gone all-in on sovereign digital currency, and on Thursday the Riksbank governor called upon the Swedish Parliament to do the same.

  • "There shall be digital state money as legal tender, an e-krona, issued by the Riksbank," Ingves wrote in a Thursday economic note that amounts to his strongest statement yet in favor of a Swedish central bank digital currency (CBDC).
  • He pushed for Sweden's government to "review the concept of legal tender" and the legality of an e-krona is necessary to prepare Riksbank for a digital future.
  • Sweden's populace is abandoning cash for digital payments at a world-leading rate, he asserted.
  • That's prompting Riksbank to grapple with a CBDC. Although dozens of monetary authorities are now studying sovereign digital currencies, Sweden's is one of the few to actually pilot one.
  • Also notable: Sweden's e-krona pilot project is running on distributed ledger technology.
  • Ingves called upon the Riksdag and Sweden's government to address the digital shift with legislation.
  • Riksbank first called for the formation of a committee to study cash in April 2019. The proposal cleared the Riksdag that June but has sat with the government ever since. "We also need help from" the government, Ingves said.
  • "The Riksbank has not yet taken a formal decision on whether or not to issue an e-krona," he said. "A decision to issue an e-krona requires a legal basis and political support."
  • A Riksbank spokesperson did not return CoinDesk questions by press time.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.