2 Currently, more than 100 of the Fund's country members are looking at the potential issuance of CBDC.
The Riksbank has been one of the pioneer central banks in exploring the possible issuance of retail CBDC, a digital liability of the central bank that can be accessed, and exchanged, by the general population. It is not surprising that the high digitalization of the Swedish economy would have led to the exploration of digital options for existing services also among public institutions. The Riksbank is exploring the issuance of Central Bank Digital Currency (CBDC). This is most evident in retail payments, where the cash circulation rate is low, and the use of digital means of payment is widespread.Ģ. 1 This flurry of technological innovation widely influenced the provision of financial services as well. Between 20, Sweden was the third largest hub for venture capital investment in technological firms in Europe. Many technological start-ups that are now household names (e.g., Skype, Spotify, Klarna) were founded in Sweden.
Sweden has been at the forefront of technological innovation in services provision. The Swedish financial sector is characterized by high adoption of digital services.
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