Riksbank’s Skingsley says payments innovation needs balance
Central banks should use both “hands on” and “hands off” approaches, deputy says
Central banks need to strike a balance as they seek to promote innovation in the payments market, Sveriges Riksbank deputy governor Cecilia Skingsley said today (January 17).
Sweden's remarkably low rate of cash use is due to a mix of "hands on" and "hands off" approaches, she told delegates at the World Economic Forum in Davos. The Riksbank had partly encouraged a decline of cash use by not acting, Skingsley explained. It closed many of its cash centres, forcing the market to take on the costs
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