In a speech at the Economy Museum, Riksbank Deputy Governor Anna Seim argued that trust, stable value and the ability to exchange different forms of money at par remain central to a functioning monetary system as payments become increasingly digital. She said Bitcoin does not qualify as money because it does not reliably serve as a store of value, generally accepted means of payment and unit of account. Seim described central bank money as the anchor that allows cash and commercial bank deposits to retain a uniform value, supported by the Riksbank’s inflation target, RIX payment system and wider regulatory safeguards. Stablecoins may enable faster and more automated cross-border payments, but many remain difficult to use for everyday transactions or redeem at a fixed value and have so far functioned mainly as financial assets. Nearly 98% of stablecoins in circulation at the start of 2026 were pegged to the U.S. dollar. Against Sweden’s continued decline in cash use, with cash representing about 1.1% of the money supply, Seim reiterated its role in accessibility and preparedness during payment disruptions. She also pointed to central bank digital currencies, including the Riksbank’s previous exploration of an e-krona, as one possible component of the future monetary system.

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