Ingves: Payment system of today and tomorrow
“The general public should be able to make digital payment in state-issued money,” said Governor Stefan Ingves today in his speech at DI's conference Framtidens betalningar.
Date: 05/11/2019 15:20
Speaker: Governor Stefan Ingves
Place: DI's conference Framtidens betalningar
In the wake of increasing digitalisation, rapid changes are now taking place in the payment market and central banks around the world therefore need to think in new ways. The Riksbank also needs to review what services we offer and which new technologies we can adopt to be able to continue paying in a safe and efficient way.
“An e-krona is state money in the same way as cash, but in digital form. As cash is now declining rapidly in significance, it is a matter of urgency to investigate the future of the e-krona and decide on the roles of the state and the Riksbank in the future payment system,” continued Mr Ingves.
The question of the future of the e-krona is one the Riksdag must determine.
Mr Ingves concluded his speech with four ambitions for the Swedish payment market:
- There shall be enough cash in case electronic systems break down.
- There shall be digital state money as legal tender, an e-krona, issued by the Riksbank.
- It shall be possible to make instant payments in Swedish krona, using state money, 24/7.
- It shall be possible to make instant payments between currencies 24/7.
Mr Ingves also published today a debate article entitled “How to ensure the future of the Swedish krona”, where he presents his vision of money. He notes that state money is still needed, and that the Riksbank is working to ensure that payments within and between countries can be made quickly, safely and cheaply, 24/7.