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Sweden could soon have its own digital currency

Sweden's central bank is looking into launching its own digital currency, it has revealed.

Published: 16 November 2016 11:40 CET

Sweden could soon have its own digital currency

Traditional Swedish money could soon be joined by an invisible counterpart. Photo: Riksbank

If the e-krona is indeed launched, it would make the Riksbank the first major central bank in the world to have a digital currency.

“The less those of us living in Sweden use bank notes and coins, the clearer it becomes that the Riksbank needs to investigate whether we should issue electronic money as a complement to the money we have today,” Riksbank deputy governor Cecilia Skingsley said in a news release on Wednesday.

Cash is dying a slow death in Sweden, with alternative methods of payment commonplace. The number of notes and coins in circulation has reduced by 40 percent since 2009, while popular smartphone apps like Swish allow electronic payments to be made almost as quickly as handing over physical money. Swedes are also among the world’s biggest card users.

Before a decision will be made on issuing an e-krona the Riksbank will investigate possible technical, legal and practical issues. While other central banks in countries like the UK and Canada have already started to research the possible advantages and disadvantages of digital currencies, they have yet to move towards issuing one, so Sweden could be the first.

“The declining use of cash in Sweden means that this is more of a burning issue for us than for most other central banks. Although it may appear simple at first glance to issue e-krona, this is something entirely new for a central bank and there is no precedent to follow,” Skingsley noted.

The Riksbank said that if the e-krona is issued it will be as a complement to rather than a replacement for cash, adding that it will continue to issue banknotes and coins as long as there is a demand for them in Swedish society.

How to save money at Sweden's airports

Sweden has become increasingly expensive over the past few years, in line with the cost of living crisis, inflation and rising food prices affecting much of Europe.

These significant price increases make the high costs at Swedish airports even more noticeable, leaving many travellers, already burdened by inflation, feeling the pinch.

Luckily, there are ways to make your stay at Swedish airports more affordable.

Bring your own food – or buy it before getting to the airport

When travelling through a Swedish airport, according to the official information on the Sweden’s Transport Agency’s website, you are allowed to bring solid food through security and onto the plane.

However, if the food is considered a liquid, restrictions will apply. Liquids include foods such as jellies, creams, drinks, soups, and dishes with both solid and liquid components (like meat and potatoes with sauce or pickled cucumbers). This rule applies even if the food is frozen.

Use this information to prepare your own meals (sandwiches are a good option for longer flights, while snacks may do the trick for shorter ones) or buy food before you get to the airport.

Both will lead to saving a lot of money compared to airport food prices.

Cutting (transport) costs on your way to the airport

Sweden’s major airports have express services that make getting there quick and efficient, but these can be a tad expensive.

Fortunately, there are cheaper alternatives.

For example, in Stockholm, you can take the non-express commuter train instead of the Arlanda Express or combine a train plus bus option.

Both options cost less, though they do take longer (the express train trip lasts around 20 minutes, while the cheaper alternatives will take around 40 minutes).

For a detailed guide to your transport options if you want to skip the Arlanda Express (or if it isn’t running), check out The Local’s guide on the topic here.

Do your research before getting there

All of Sweden’s busiest airports are operated by the state-owned company Swedavia, which makes it easier to check out your dining options in advance.

Knowing where to find the cheaper and more expensive eateries can help you plan better.

You can find an overview of available restaurant, bar, and cafe options on a per airport and per terminal basis, as well as their opening hours, on the company’s website.

For Arlanda Airport, check here. For Landvetter, here.

Keep in mind that the most affordable options might be before security.

Are lounges worth it?

While suggesting you spend money on a lounge might seem counterintuitive, it can sometimes be a cost-effective option. You’ll just need to do some simple maths to determine whether it’s worth it.

A meal and a drink at a Swedish airport could easily cost a few hundred kronor.

Lounges, which typically include buffet food and drink options, might offer better value for money, if you’re planning to buy food in a restaurant at the airport rather than bringing your own with you. They also often have shower facilities, office spaces including printers, and children’s areas, which may make the cost worth it depending on your journey and whether you’re travelling with family or not.

For the SAS international lounge at Arlanda, the cost is usually around 350 kronor when purchased in advance online and slightly higher if bought at the lounge reception on the day of your visit.

Note that if you are a frequent flyer or have certain credit cards, you might have access to lounges for free or at a discounted rate, using points to pay for some or all of the fee.

Don’t buy the first thing that seems cheap at the airport – a better deal might be waiting outside

Many items found in airport stores and duty-free shops are available outside the airport, and often at better prices.

While duty-free items are tax-free, you might still find better deals by shopping around elsewhere (in fact, this is often the case for both food and drinks).

Resist the temptation to buy stuff that seems cheap at the airport unless you’re absolutely sure you’re getting a fair price. You can always do a quick Google search before you buy to see if you can get it cheaper somewhere else.

You will likely save more by purchasing it outside the airport.

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