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

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Danny Nelson

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.