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

_IMF Staff Country Reports, April 5, 2023_

## Source details

**Canonical URL:** [Sweden: Financial Sector Assessment Program–Technical Note on Central Bank Digital Currency and Fintech](https://www.imf.org/en/publications/cr/issues/2023/04/05/sweden-financial-sector-assessment-programtechnical-note-on-central-bank-digital-currency-531866)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/04/05/sweden-financial-sector-assessment-programtechnical-note-on-central-bank-digital-currency-531866/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/04/05/sweden-financial-sector-assessment-programtechnical-note-on-central-bank-digital-currency-531866/index.json)
- [Bundle manifest](/en/publications/cr/issues/2023/04/05/sweden-financial-sector-assessment-programtechnical-note-on-central-bank-digital-currency-531866/bundle-manifest.json)

## Bibliographic details
- Published: April 5, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400236747.002

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### Systemic risks from potential issuance of CBDC
- 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.

### Riksbank analysis, commitments, and e‑krona design
- 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.

### Fintech sector significance and monitoring
- 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.

### Key themes and subject areas covered
- Bank deposits
- Central Bank digital currencies
- Commercial banks
- Digital financial services
- Financial institutions
- Financial services
- Fintech
- International organization
- Monetary policy
- Technology

### Keywords and analytic headings used in the note
- 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

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## Content in this bundle

- **Executive Summary**
  - [Executive Summary (Markdown version)](/-/media/files/publications/cr/2023/english/1sweea2023004.pdf.md){rel="alternate" type="text/markdown"}
  - [Executive Summary (PDF)](/-/media/files/publications/cr/2023/english/1sweea2023004.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2023/04/05/sweden-financial-sector-assessment-programtechnical-note-on-central-bank-digital-currency-531866_