Nordic banks sceptical of Swedish e-krona

Author: Jimmie Franklin | Published: 21 May 2019

Stockholm’s financial sector has received news of the Riksbank’s work towards an e-krona – a central bank digital currency (CBDC) – with mixed reviews.

Rickard Eriksson, a senior adviser at the Swedish Bankers Association said that he felt "the e-krona doesn’t really change anything, and doesn’t offer anything new".

He continued: "Overall, the e-krona sounds like a bit of a fad. It might sound interesting and similar to bitcoin, but it is really just a bank account with the Riksbank. The potential for an e-krona depends on how your order of payments market is functioning and in Sweden, we have electronic payments everywhere, and people can use that method already and affordably."

Meanwhile Johanna Lybeck Lilja, executive advisor on Nordea’s public affairs team, pointed out that digital currency already exists today.

"As banks we give the Riksbank collateral and in return for that, we get liquidity, which...