Thedéen sets three priorities for future payment systems
Sveriges Riksbank Governor Erik Thedéen urged authorities to actively manage digital payment innovations during a panel at the Central Bank of Ireland on September 18, 2026. He identified regulation, public-private cooperation and operational resilience as three priority areas.
From punch cards to tokenised deposits
Central banks and commercial lenders have adapted to technological shifts since the Riksbank was established in 1668, Thedéen stated.
Drawing a parallel to low-cost airlines, he noted that stablecoins and tokenised deposits challenge incumbents without replacing central bank money.
SWIFT is testing cross-border settlement for tokenised deposits across 17 banks on six continents, while the European Central Bank develops its Pontes and Appia projects.
“A system comprising decentralised registers may well offer significant advantages,” Thedéen noted, but warned that decentralisation obscures legal liability when transactions fail.
The Swedish cash lesson
Sweden serves as a case study for the pitfalls of rapid digitalisation, where declining cash usage created operational vulnerabilities and payment exclusion.
Because digital transactions depend on electricity and telecommunications infrastructure, the Riksbank has intervened by regulating cash access, expanding its operational role and developing offline payment capabilities.
Thedéen acknowledged that authorities should have taken action fifteen years ago, stressing that central banks must proactively counter systemic risks.
Pragmatic caution over tech euphoria
Thedéen balances openness to innovation with necessary skepticism toward decentralised ledgers.
Sweden's cash decline shows how rapidly convenience morphs into systemic vulnerability without public guardrails.
Enforcing clear legal liability before private tokens scale up is central banks' most urgent priority.