{
  "title": "Sweden: Financial Sector Assessment Program–Technical Note on Central Bank Digital Currency and Fintech",
  "publication": "IMF Staff Country Reports, April 5, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/04/05/sweden-financial-sector-assessment-programtechnical-note-on-central-bank-digital-currency-531866",
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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.",
  "sections": [
    {
      "heading": "Systemic risks from potential issuance of CBDC",
      "content": "- The technical note assesses systemic risks stemming from the potential issuance of Central Bank Digital Currency (CBDC) in Sweden.\n- It examines risks starting first with those arising from a domestic only e‑krona demand.\n- Scenarios describing different risk manifestations are presented separately for exposition, but they are not mutually exclusive; demand for the e‑krona can take all the forms underpinning the different scenarios at the same time."
    },
    {
      "heading": "Riksbank analysis, commitments, and e‑krona design",
      "content": "- The Riksbank has been one of the pioneers in the analysis of CBDC.\n- The Riksbank has recognized risks and has put in place a plan to mitigate them.\n- 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."
    },
    {
      "heading": "Fintech sector significance and monitoring",
      "content": "- The note finds that systemic importance of the Fintech sector seems limited currently.\n- The sector should be monitored closely, as it could grow fast; firms are complex and highly visible.\n- Widening access to payment services could enhance competition and efficiency of the payment system."
    },
    {
      "heading": "Key themes and subject areas covered",
      "content": "- Bank deposits\n- Central Bank digital currencies\n- Commercial banks\n- Digital financial services\n- Financial institutions\n- Financial services\n- Fintech\n- International organization\n- Monetary policy\n- Technology"
    },
    {
      "heading": "Keywords and analytic headings used in the note",
      "content": "- B. Fintech landscape\n- Bank deposits\n- CBDC issue\n- Central Bank digital currencies\n- Commercial banks\n- design feature\n- Digital financial services\n- e‑krona provision\n- Europe\n- Fintech\n- Fintech firm\n- Fintech sector\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "Published: April 5, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400236747.002",
    "The technical note assesses systemic risks stemming from the potential issuance of Central Bank Digital Currency (CBDC) in Sweden.",
    "It examines risks starting first with those arising from a domestic only e‑krona demand.",
    "Scenarios describing different risk manifestations are presented separately for exposition, but they are not mutually exclusive; demand for the e‑krona can take all the forms underpinning the different scenarios at the same time.",
    "The Riksbank has been one of the pioneers in the analysis of CBDC.",
    "The Riksbank 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.",
    "The note finds that systemic importance of the Fintech sector seems limited currently.",
    "The sector should be monitored closely, as it could grow fast; firms are complex and highly visible.",
    "Widening access to payment services could enhance competition and efficiency of the payment system.",
    "B. Fintech landscape",
    "CBDC issue",
    "design feature",
    "e‑krona provision",
    "Europe",
    "**Executive Summary**"
  ],
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