In collaboration with other parties in society, we need to discuss which characteristics should be prioritised for an e-krona and make costbenefit analyses of various alternative solutions to the problems we see that the e-krona could solve. For example, if we conclude that the e-krona is needed for contingency purposes, this may lead to characteristics such as offline functions being prioritised, while other characteristics may be prioritised if other aspects turn out to be more important. As the payment market is an infrastructure that is fundamental for Sweden’s economy to function, questions of this type must ultimately be determined by our legislators in the Riksdag. In our talks with agencies that make state disbursements, we have noticed that these could be rationalised with the help of an ekrona. It is possible that the best route would be to build the e-krona together with others. The Riksbank also intends to review the legislative amendments that may need to be implemented to provide us with a clear mandate in the issue. If the e-krona is to be realised, I believe that the best solution would be for the Riksbank to provide the e-krona via our balance sheet but that the private sector then be involved in its distribution. Private companies are better at handling customer contacts and finding the tailor-made solutions that the general public demands.
We have also discovered that it is possible to design an e-krona that would not have excessive consequences for monetary policy or financial stability. 5 On the legal side, we interpret this as meaning we have a mandate to issue a simpler, value-based variant of the e-krona that we will develop as a pilot version. We also intend to approach the Riksdag to propose legal amendments that will clarify our mandate and make it possible to issue an account-based e-krona. We need to prepare ourselves for a cashless future As regards the rapid rate at which cash usage is declining, the Riksbank Committee has submitted an interim report with a few proposed measures to brake this development. 6 The decline in cash usage that we are now witnessing is going too fast for certain vulnerable groups who are unable to use digital technology or who do not even have access to it. The Riksbank therefore welcomes the proposals that the Riksbank Committee has submitted. The Riksbank has been requesting protection for cash usage since 2016, when the Payment Accounts Directive was introduced. I therefore consider it a welcome step that there is a broad political will to speak with a clear voice in this matter and that the legislator intends to increase its influence over this structural transformation so that it is not steered by the private sector alone. The Riksbank Inquiry’s proposal, supported by representatives of all parties in the Riksdag, would ensure access to cash.