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Sweden: Legal and regulatory developments

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2022

May 2022	Sveriges Riksbank

Sveriges Riksbank published a staff memo 'An overview of fintech and cryptoassets', which provides an overview of fintech and cryptoassets, how these phenomena have developed over time and the various risks and challenges that they pose to private individuals, the financial system, authorities and central banks alike.

2021

September 2021	Bank for International Settlements (BIS) / Bank of Canada / Bank of England / Bank of Japan / European Central Bank / Federal Reserve / Sveriges Riksbank / Swiss National Bank

BIS published three new reports on central bank digital currencies. These reports, which have been produced together with seven central banks, take up practical issues regarding CBDCs, such as various technical design solutions, user needs and questions regarding financial stability.

The central banks were the Bank of Canada, the Bank of England, the Bank of Japan, the ECB, the Federal Reserve, the Swiss National Bank and the Riksbank.

2020

March 2020	Sveriges Riksbank

Sweden's RiskBank put itself forward as a candidate for the establishment of one of the Bank for International Settlements Innovation Hubs.

February 2020	Sveriges Riksbank

The Swedish central bank announced that it was conducting a pilot project with Accenture to develop a proposal for a technical solution for an e-krona.

The bank said that the aim of the project is to show how an e-krona could be used by the general public. This should be simple, user-friendly as well as fulfil critical requirements for security and performance. In the test environment, simulated users shall be able to hold e-kronor in a digital wallet, make payments, deposits and withdrawals via a mobile app. The user shall also be able to make payments via wearables, such as smart watches, and cards.

The pilot project, which will be based on blockchain, is to run until the end of February 2021, but could be extended.

January 2020	Bank for International Settlements (BIS) / Bank of Canada / Bank of England / Bank of Japan / European Central Bank / Sveriges Riksbank / Swiss National Bank

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements, created a group to assess the potential cases for central bank digital currencies (CBDCs) in their jurisdictions.

The group plans to assess CBDCS use cases, economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will also work hand in hand with the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI).

Benoît Cœuré, Head of the BIS Innovation Hub, and Jon Cunliffe, Deputy Governor of the Bank of England and Chair of the CPMI will chair the group, which will include senior representatives of the banks.