Sweden's central bank has revived the debate on a digital krona, the e-krona, arguing that foreign stablecoins and the digital euro could shrink the national currency's role in payments. In Sweden only about 5% of people used cash for their last purchase. A government inquiry concluded in 2023 that there was no need for an e-krona. The Riksbank estimates a launch would take at least five years, and it sets offline use as a backup as one of its goals.
What it means: Sweden has one of the lowest levels of cash use in the world, which is why its experience is closely watched. The Riksbank's change of tone shows that the digital euro also affects countries outside the euro area: if citizens of neighbouring countries get public digital money, smaller central banks worry about losing influence over payments. For Greece, inside the euro area, the debate looks different. The digital euro is moving into its pilot phase, and Greek banks, payment providers and shops will at some point have to support it. The Riksbank's focus on offline use is especially relevant for Greek islands and mountain areas, where network or power cuts are common and cash is still the backup. Its concern about foreign stablecoins, mostly in dollars, also matches the ECB's view that Europe needs its own digital payment solutions. For businesses, the practical conclusion is that the payments landscape will change gradually over the coming years, so new POS and e-shop systems should be able to add new methods without full replacement.
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