Sweden: Financial Sector Assessment Program–Technical Note on Central Bank Digital Currency and Fintech

April 5, 2023

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International Monetary Fund. Monetary and Capital Markets Department "Sweden: Financial Sector Assessment Program–Technical Note on Central Bank Digital Currency and Fintech", IMF Staff Country Reports 2023, 134 (2023), accessed November 7, 2025, https://doi.org/10.5089/9798400236747.002

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Summary

This technical note looks at the systemic risks stemming from the potential issuance of Central Bank Digital Currency (CBDC) in Sweden, as well as the growing significance of the Fintech sector. The Riksbank has been one of the pioneers in the analysis of CBDC, has recognized risks, and has put in place a plan to mitigate them. The Riksbank committed to an e-krona design that fulfils the “do no harm” principle; that is, support public policy objectives and do not impede the central banks’ ability to carry out its mandate. While systemic importance of the Fintech sector seems limited, the sector should be monitored closely, as it could grow fast; firms are complex and highly visible. Widening the access to payment services could enhance competition and efficiency of the payment system. The note looks more closely at all risks, starting first with those arising from a domestic only e-krona demand. While scenarios are described separately for expositional purposes, they are not mutually exclusive, and demand for the e-krona can take all the forms underpinning the different scenarios at the same time.

Subject: Bank deposits, Central Bank digital currencies, Commercial banks, Digital financial services, Financial institutions, Financial services, Fintech, International organization, Monetary policy, Technology

Keywords: B. Fintech landscape, Bank deposits, CBDC issue, Central Bank digital currencies, Commercial banks, Design feature, Digital financial services, E-krona provision, Europe, Fintech, Fintech firm, Fintech sector

Publication Details

Pages:

40
Volume:

2023
DOI:

https://doi.org/10.5089/9798400236747.002
Issue:

134
Series:

Country Report No. 2023/134
Stock No:

1SWEEA2023004
ISBN:

9798400236747
ISSN:

1934-7685

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