However, it is possible to limit the demand for e-krona, for instance through interest or volume limits. It is interesting to note that the fears expressed at present about the e-krona are almost an echo of the debate conducted around 100 years ago when the Riksbank was to be granted a monopoly on issuing banknotes. Even then, there were “fears of severe disruptions in the business world”. 20 It was also thought that the reform would make the Riksbank “much more powerful than before and with greater  17  For more detailed information, see the special edition about the e-krona in Economic Review No. 3 2018. 18 The money that banks have in accounts with the Riksbank can only be used for payments between banks and  not for payments in ordinary shops. 19 For example, Brunnermeier and Niepelt (2019) have shown in a theoretical model that state digital currency need not have negative consequences fro financial stability. 20 See Fahlbeck (1900). 9 [35]  powers of decision over the entire Swedish economy”. 21 It all turned out well 100 years ago, but even if we do not consider that an e-krona would be as revolutionary as some people seem to think, it is appropriate that the Riksdag should also look into this question. The inquiry into the role of central government in the payment market, which has recently started up, has been tasked with taking a stance on whether an e-krona is needed.
If cash is needed as a means of payment in a crisis, it must also be possible to use it in normal circumstances. The Riksbank will continue to work to reinforce the position of cash. E-krona can complement cash without major consequences for financial stability and monetary policy In addition, the Riksbank has also been investigating for a few years now whether it would be possible to offer the general public a safe electronic alternative that could function in largely the same way as cash; an e-krona. This could be a means of ensuring that the general public in Sweden, which has had access to central bank money since the 17th century, can continue to do so even in a digital age. 16 The model we have had, where the Riksbank's cash has co-exited with private means of payment, such as deposits in bank accounts, has functioned well. By introducing an e-krona, we can ensure that the function that cash has historically had as anchor for payments can live on in a new technical form. An e-krona can, like cash, contribute to increased competition and robustness on the market by offering an alternative to private sector payment services. If the Riksbank is present in the market with its own supply of money to the general public, it will also be easier for the Riksbank to ensure that basic payment services are made available to all, including the vulnerable groups I mentioned earlier.