“Libra has become an essential catalyst for reforming central banks”

According to the head of the Central Bank of Sweden, the Facebook cryptocurrency initiative was the starting point for reforming the world’s central banks in the digital age.

“Libra has become a critical catalyst that in a sense“ shook this tree. ” When it became known about this project, many of us seriously thought about what we are doing, ”said Stefan Ingves during a conversation with CNBC. – Part of my job is to manage processes related to the Swedish krona, which is convenient for citizens of Sweden to use. If I do everything perfectly from a technical point of view, then there is no point in worrying. If I begin to create and deliver to the people twenty-kilogram copper coins, as it was in 1668, then soon we will remain out of work. ”

The Central Bank of Sweden, along with others, is considering
the ability to launch a national digital currency due to a stable decrease in the demand for cash in society. Already, many stores in Sweden do not accept banknotes and coins.

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Ingves noted that Facebook will constantly have new difficulties as its stablecoin develops: “In modern realities, we make purchases based on the fact that there is nothing on paper. In the future, all money will be in digital form. But old problems will not go away. One of them is private sector money or public sector money. If you look at history, you can find that private money appeared earlier, but all such initiatives sooner or later failed. ”

On Monday, representatives of the Libra Association held
a scheduled meeting at which the board of directors was approved and other organizational issues were resolved.