Swedish central bank suggests parliament to initiate preparations for digital krona legislation

The Swedish central bank suggests that the parliament prepare relevant legislation for the launch of the digital krone, citing reasons such as the European Central Bank's promotion of the use of digital euros and foreign currency stablecoins. The Swedish central bank stated in a letter to the parliamentary finance committee on October 7th that the European Central Bank plans to launch a digital euro pilot in 2027 and may launch it to the public in 2029. The Swedish central bank pointed out that the lack of a digital version of the domestic currency in the payment system will affect competitiveness. Foreign currency stablecoins such as the US dollar peg are widely used for payments within Sweden, putting pressure on the use of the Swedish krona. The Swedish central bank estimates that it will take at least five years to launch the digital krona, excluding the time required for legislative changes.