Libra will probably have little impact in Sweden

Economic Commentaries, News Libra may become an alternative for certain cross-border payments, but will probably not be used for payments in Sweden to any great extent. These are some of the conclusions drawn in an Economic Commentary published today.

The financial system is in a state of transformation. On the payment market, new technology is making it possible to introduce new payment solutions and new actors want to participate. The transformation is being eased by the current demand for new payment services that established payment service providers such as banks and central banks have been unable to meet so far, above all for cross-border payments. Companies such as TransferWise and Ripple are examples of two such actors, as are cryptocurrencies such as Bitcoin. The latest and largest initiative is Libra, which has gained much attention in the media and financial sectors and from authorities and politicians. The Economic Commentary explains what Libra is, why this initiative has been taken and what the consequences could be for the Swedish financial system if it is realised.

By Björn Segendorf, Hanna Eklööf, Peter Gustafsson, Ann Landelius och Siniša Cicović. The authors work in the Payments Department, the Financial Stability Department, the Monetary Policy Department and the Corporate Services Department of the Riksbank. 

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Updated 29/10/2019