The Swedish banking sector is concerned about the e-krona, an electronic equivalent of Sweden’s currency, as its deposit base could suffer over the nature of the upcoming currency, Reuters has learned.
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Masih Yazdi, SEB's CFO, told Reuters that Swedes withdrawals from deposit accounts into e-krona would potentially deprive banks of funding without liquidity.
"If you have a bank account but you can — at the click of a button — move your money to the central bank ... that could risk instability in the system," Yazdi clarified.
However, Riksbank Deputy Governor Cecilia Skingsley says people can already exit the banking system by buying treasury bills, if they want to.
"We already have to face the risks that there are cyber runs out of the banking system. I don’t think a CBDC will fundamentally change that to a worse situation," Skingsley told Reuters.
In December 2020 iHodl reported that Sweden’s government will have a final decision on whether the country should launch its own digital currency or not by the end of November in 2022.
Per Bolund, Sweden's financial markets minister, believes it is important that the digitalized payments market functions in Sweden "safely, and that it is available to everybody." The research initiative is led by Anna Kinberg Batra, an ex-chairwoman of the Riksbank.
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