Opinion of the European Central Bank of 16 April 2026 on the obligation to accept cash payments and the obligation of credit institutions to provide cash services (CON/2026/14)
Date: 2026-04-16
Institutions: European Central Bank
Subjects: money

ECB-PUBLIC 

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 16 April 2026  

on the obligation to accept cash payments and the obligation of credit institutions to provide cash 

services  

(CON/2026/14) 

Introduction and legal basis 

On 12 March 2026, the Swedish Government submitted a legislative proposal (hereinafter the ‘legislative 

proposal’) to the Swedish Parliament on measures to strengthen the functioning of cash, containing a draft 

law on an obligation for retail grocery stores and pharmacies to accept cash payments (hereinafter the ‘draft 

law’)  and  draft  amendments  to  the  Law  on  payment  services1  (hereinafter  the  ‘draft  amendments’,  and 

together with the draft law, the ‘draft legislative provisions’). 

The European Central Bank (ECB) has decided to deliver an own initiative opinion on the draft legislative 

provisions.  The  ECB’s  competence  to  deliver  an  opinion  is  based  on  Articles  127(4)  and  282(5)  of  the 

Treaty  on  the  Functioning  of  the  European  Union  and  Article 2(1),  second  indent,  of  Council  Decision 

98/415/EC2, as the draft legislative provisions relate to means of payment. In accordance with Article 17.5, 

first sentence, of the Rules of Procedure of the European Central Bank, the Governing Council has adopted 

this opinion. 

1. 

Purpose of the draft legislative provisions 

1.1  The overarching purpose of the draft legislative provisions is to safeguard the functionality of cash 

as a means of payment. As noted in the legislative proposal, in order for cash to be a functioning 

means of payment, it must be possible to pay with cash, especially for goods and services that are 

of the most basic nature 3.  

1.2  Role of cash in Swedish society 

1.2.1  According to the legislative proposal, the use of cash in Sweden is declining rapidly in society as a 

result of, among other things, new, simpler and cheaper card payment services and a sharp increase 

in instant payments, not least in the form of the Swish service. In June 2023, cash accounted for just 

under 0.9 % of the money circulating in the economy as a share of gross domestic product (GDP), 

compared with 1.16 % in 2020 and 2.74 % in 2010. As for Swedish people’s payment habits, in 2023 

the vast majority of payments in Sweden, measured by number of transactions, were made by card, 

followed by Swish. Cash payments between private individuals have largely been replaced by Swish. 

1 
2  

3 

Lagen (2010:751) om betaltjänster. 
Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42, ELI: http://data.europa.eu/eli/dec/1998/415/oj). 

See page 1 of the legislative proposal. 

 
 
 
 
 
 
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Today, approximately one in ten purchases in shops is made with cash, compared with one in four 

purchases in 20104. 

1.2.2  Despite the decline in cash usage, the legislative proposal notes that several surveys show that the 

majority  of the Swedish population  wants to keep cash. In  Bankomat AB's survey on the general 

public's attitude to cash, conducted in spring 2024, 83 % responded that they want to keep cash as 

a possible means of payment in the future, while 11 % wanted to see a completely cashless society. 

There were no major differences between men and women's attitudes, but older people were keener 

to keep cash, while younger people were more positive about a cashless society, although a majority 

in all age groups wanted to keep cash. According to Sveriges Riksbank’s survey of Swedish people's 

payment habits from 2023, 44 % are negative or very negative about the increasing decline in the 

use  of  cash  in  Sweden.  When  asked  whether  they  could  manage  without  cash  in  society  as  it  is 

today, 31 % said they could not manage without cash5.  

1.2.3  According  to  the  legislative  proposal,  the  possibility  of  paying  with  cash  varies  between  different 

businesses and different parts of the country. According to Sveriges Riksbank’s Payments Report 

2025 6, 71 % of companies in the retail sector, as well as restaurants and hairdressers, accept cash. 

Significantly more companies that sell everyday goods accept cash than those that sell infrequently 

purchased goods. According to a 2024 survey by Svensk Handel (the Swedish Trade Federation), 

91 % of retailers accept cash payments, which is 20 percentage points higher than shown in Sveriges 

Riksbank's survey7. The survey also shows that 97 % of grocery stores accept cash payments. The 

most  important  factor  behind  whether  companies  accept  cash  is  whether  customers  demand  it, 

according to Sveriges Riksbank’s Payments Report 2025. Additional reasons that many companies 

consider important are that they want to include certain customers and be prepared for crises and 

war. Of the companies that do not accept cash, just over 40 % have stopped accepting cash in the 

last five years, while 40 % say they have never accepted cash. The main reason to stop accepting 

cash  is  the  security  risk,  followed  by  the  time  it  takes  to  handle  cash  and,  finally,  difficulties  in 

depositing daily takings 8. 

1.2.4  According to the legislative proposal, the special status of cash derives not only from the fact that it 

is legal tender provided by the State, whose value is ultimately guaranteed by the State, but also 

from  the  fact  that  cash,  in  its  physical  form,  has  certain  characteristics  that  few  other  means  of 

payment have. Cash is a more accessible means of payment for people who, for various reasons, 

cannot  use digital means of payment. Cash can  also  be a  useful means of  payment  in situations 

where individuals need assistance to make purchases and do not handle the payment themselves. 

Cash also has a function in terms of preparedness as one of several means of payment. In order to 

guarantee the functioning of cash in the event of disruptions, it is essential that structures are in place 

4 
5 
6  
7  

8 

See Section 4.2 of the legislative proposal. 
See Section 4.2.1 of the legislative proposal. 

Available on Sveriges Riksbank’s website at www.riksbank.se. 
See  Section  1.3  of  Sveriges  Riksbank’s  Payments  Report  2025,  available  on  Sveriges  Riksbank’s  website  at 
www.riksbank.se. 

See Section 4.2.2 of the legislative proposal. 

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that  can  be  maintained  under  normal  conditions,  so  that  cash  can  be  one  of  several  means  of 

payment available during heightened preparedness or peacetime crisis situations 9.  

1.2.5  Despite the obligation for credit institutions to provide cash services, which entered into force on 1 

January 2021, cash usage has continued to decline.  If access to cash continues to decline, cash 

may eventually risk losing its real significance as a means of payment. There is therefore a risk that 

it will not be possible to ensure in the future the objective set by the Parliament and the Government 

that everyone in society should have access to basic payment services at reasonable prices. Such 

a development would pose serious problems for society, not only in terms of exclusion and lack of 

integrity for parts of the population, but also in terms of security, preparedness and efficiency in the 

payment market. Against this background, the Government considers it important to safeguard the 

functionality of cash as a means of payment 10. 

1.3  Obligation of retail grocery stores and pharmacies to accept cash payments 

1.3.1  The draft law obliges retail grocery stores and pharmacies to accept cash as payment for the sale of 

goods and services  at physical  points  of sale with staffed cash registers. Further, banknotes and 

coins are considered as cash, and the obligation applies to payments of up to 0.1 of the ‘price base 

amount’ 11, which in 2026 is equal to kronor (SEK) 5 920 (approximately EUR 538 12), and not more 

than 25 coins 13. As noted in the legislative proposal, the draft law is self-regulatory in nature as there 

is no supervisory authority, and the operators covered by the obligation to accept cash payments 

decide  how  to  comply  with  it.  The  draft  law  does  not  apply  to  the  legal  relationship  between  the 

operator covered by the obligation and the operator's customers, i.e. the draft law is not a civil law 

regulation that gives an individual customer the right to pay with cash, but rather an obligation for the 

operator,  with  certain  limitations  and  exceptions,  to  accept  cash  payments  from  its  customers 14. 

Further, at points of sale where the obligation applies, cash must be accepted for the purchase of all 

goods  or  services  sold  in  pharmacies  or  retail  grocery  stores,  i.e.  not  only  food  and  medicines 

respectively 15. Some consultation bodies have raised questions about the risk of money laundering. 

However, the Government  notes  that the purpose  of  an  obligation to accept cash payments is to 

ensure that the most basic goods and services can be paid for in cash. There is therefore no need 

to make larger cash payments. The Government therefore considers that an amount limit should be 

introduced  to  reduce  the  risk  that  the  obligation  will  lead  to  a  significant  increase  in  daily  cash 

balances in relation to current levels that could present an attractive target for criminal actors and 

entail significant cost increases in respect of cash handling. The limit therefore reduces the risk of 

money laundering. Grocery stores within retail and pharmacies will therefore continue to have the 

option, but not the obligation, to accept larger cash payments 16. 

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10 
11 

12 

13 
14 
15 
16 

See Section 5 of the legislative proposal. 
See Section 5 of the legislative proposal. 

The price base amount is an amount set annually by Statistics Sweden reflecting price trends (inflation) in society and 
is used to calculate various taxes, subsidies and fees. Statistics Sweden’s website at www.scb.se. 

Based on the euro reference rate for the krona on 7 April 2026, SEK 5 920 is equivalent to EUR 538,67. The euro 
reference rate for the krona published by the ECB is available on the ECB’s website at www.ecb.europa.eu.  

See Section 1 of the draft law and Section 2.1 of the legislative proposal. 
See Section 11.1 of the legislative proposal. 
See Section 11.1 of the legislative proposal. 

See Section 5 of the legislative proposal. 

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1.3.2  Furthermore, the obligation to accept cash payments does not apply if it leads to an inability to (a) 

maintain security at the point of sale, or (b) continue the operation of the point of sale due to the 

costs of cash handling17. The limitation set out in (a) means that the obligation only applies to grocery 

stores within retail and pharmacies where the safety of staff can be maintained by reasonable means. 

As noted in the legislative proposal, a store or pharmacy is therefore not required to accept cash 

payments in the evening or at night if the store or pharmacy has such opening hours and it is not 

possible to maintain staff safety during these opening hours. In places where the risk of the shop or 

pharmacy being exposed to robbery or other crime is high even during the day, the obligation does 

not apply at any time of the day 18. The limitation set out in (b) means that the obligation does not 

apply  if  the  cost  of  cash  handling  is  so  high  that  there  is  a  risk  that  retail  grocery  stores  and 

pharmacies will have to close, thereby leading to a deterioration in service 19. 

1.3.3  Moreover, retail grocery stores and pharmacies may refuse to accept cash payments in respect of 

individual sales if there is an acceptable reason to do so20. As noted in the legislative proposal, this 

may arise if, for example, temporary circumstances make it impossible to accept cash payments for 

individual sales. This may be the case, for example, if the cash register is full and the point of sale 

cannot accept any more banknotes or coins, or if a customer makes repeated purchases within a 

limited period in a way that is incompatible with the purpose of the obligation. Retail grocery stores 

and pharmacies may not, however, refuse to accept cash payments arbitrarily 21. 

1.4  Obligation of credit institutions to provide cash services 

1.4.1  The draft amendments provide that credit institutions and branches of foreign credit institutions that 

provide payment accounts with basic functionalities to consumers and services that enable cash to 

be withdrawn from these accounts (cash withdrawal points) to an adequate extent throughout the 

country must also provide services that enable cash to be deposited in these accounts (cash deposit 

points)22.  As  noted  in  the  legislative  proposal,  credit  institutions  are  currently  required  to  provide 

facilities for depositing cash to businesses, but not to consumers. The services for businesses are 

also available to consumers to a certain extent, and deposit machines, for example, are widely used 

by consumers. As fewer bank branches handle cash, deposit machines have become more important 

in allowing consumers to deposit cash. Since the obligation to provide cash services was introduced 

in 2021, the proportion of the population that lives more than 25 kilometres from the nearest location 

for  both  withdrawals  and  deposits  has  decreased,  but,  at  the  same  time,  so  has  the  number  of 

locations. Against this background, the Government considers that credit institutions should also be 

required to provide locations for cash deposits for consumers. The purpose of this would be to ensure 

a minimum level of consumer access to cash services throughout the country, regardless of demand. 

This  is  also  in  line  with  the  Union’s  objective  that  all  consumers  in  a  Member  State  should  have 

access  to  such  services  without  having  to  travel  far  from  their  homes  to  reach  them.  The  same 

geographical  distribution  that  applies  to  the  provision  of  locations  for  daily  cash  deposits  for 

17 
18 
19 
20 
21 
22 

See Section 2 of the draft law. 
See Section 11.1 of the legislative proposal. 

See Section 5 of the legislative proposal. 
See Section 3 of the draft law and Section 2.1 of the legislative proposal. 
See Section 5 and Section 11.1 of the legislative proposal. 

See Chapter 9, Section 1, of the draft amendments and Section 2.2 of the legislative proposal. 

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businesses should apply to locations for cash deposits for consumers, i.e. no more than 1.22 % of 

the  population  should  have  to  travel  more  than  25  kilometres  to  the  nearest  location  for  cash 

deposits 23. In practice, cash deposit locations will coincide with locations for daily cash deposits for 

businesses. The functional meaning of this obligation is therefore – as for locations for daily cash 

deposits – that locations for cash deposits for consumers must be accessible, i.e. have reasonable 

opening hours and fees and be user-friendly, for example for to take account of people’s functional 

diversity. This does not mean that credit institutions and branches must provide cash deposit facilities 

for  consumers  on  their  own  premises,  as  the  obligation  may  instead  be  fulfilled  through  other 

companies that provide cash service facilities. This means that a location for cash services that is 

accessible to the customers of several credit institutions and branches may fulfil the  obligation  to 

provide  cash  services  for  a  specific  geographical  area  for  all  of  these  credit  institutions  and 

branches 24. 

1.4.2  The draft amendments provide that credit institutions and branches of foreign credit institutions that 

had retail deposits amounting to over SEK 70 billion (equal to approximately EUR 6,4 billion 25) on 

1 July of the preceding year and that provide payment accounts to companies must provide services 

that enable cash to be deposited in these accounts (daily deposit taking points) to an adequate extent 

throughout the country and must also provide companies with adequate and appropriate services for 

handling change and daily deposit takings 26. As noted in the legislative proposal, safeguarding the 

functionality of cash as a means of payment requires access to services that enable the taking of 

daily deposits. When a central part of the infrastructure is provided solely by an operator that, under 

current regulations, has no obligation to provide these services, the cash chain becomes vulnerable. 

If Loomis Sverige AB, which is essentially the only current operator, were to cease its operations in 

this area, there would be a risk that daily cash deposits would only be available via daily cash deposit 

locations (deposit machines) that have limits on the amount that can be deposited. The Government 

considers that credit institutions should take greater responsibility for offering the daily cash deposit 

services required to  maintain a  functioning cash  infrastructure. The Government also considers it 

important  that  the  cash  chain  should  be  maintained.  Credit  institutions  should  therefore  provide 

appropriate  and  needs-based  services  for  daily  cash  deposits.  However,  the  Government  also 

considers that the obligation to provide locations for daily cash deposits should remain in order to 

continue to ensure that services are spread throughout the country. The proposed arrangement thus 

supplements the existing obligation, clarifying that credit institutions should, to a greater extent than 

today, provide the services for daily cash deposits that companies receiving cash payments need in 

order to reduce the vulnerability of the  infrastructure  and enable continued cash acceptance. It  is 

also  important  that  credit  institutions  support  the  circulation  of  cash  in  society,  as  this  helps  to 

maintain  confidence  in  credit  institutions  and  the  monetary  system.  The  Government  further 

considers that access to cash handling services is a prerequisite for businesses to be able to handle 

cash payments. The Government also considers it important to safeguard the functionality of cash 

23 
24 
25 

26 

See Section 6.1 of the legislative proposal. 

See Section 11.2 of the legislative proposal. 
Based on the euro reference rate for the krona on 7 April 2026, SEK 70 billion is equivalent to EUR 6,369 billion. The 
euro reference rate for the krona published by the ECB is available on the ECB’s website at www.ecb.europa.eu.  

See Chapter 9, Section 1a, of the draft amendments and Section 2.2 of the legislative proposal. 

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as a means of payment and this requires access to services that enable businesses to accept cash 

payments, such as access to appropriate and needs-based cash handling services. The Government 

therefore  considers  that  credit  institutions  should  provide  appropriate  and  needs-based  cash 

handling services. The draft amendments should be self-regulatory in nature, which means that it is 

up to the individual credit institution to decide how to fulfil it. Several consultation bodies point out 

that  the  draft  amendments  increase  the  risk  of  money  laundering  and  robbery.  However,  in  the 

Government's  view,  the  draft  amendments  are  designed  in  such  a  way  that  they  give  credit 

institutions scope to take these risks into account when fulfilling the obligations in question 27. 

1.4.3  Pursuant to the draft amendments, the possibility of the Government or the authority appointed by 

the Government to adopt provisions for the purpose of the application of the provisions described in 

paragraphs 1.4.1 and 1.4.2 must, in addition to including the maximum number of individuals who 

may have a certain maximum road distance in kilometres between their registered address and the 

nearest cash withdrawal point, also include cash deposit points and daily deposit taking points. 

1.4.4  Currently,  the  Law  on  payment  services  provides  that  if  a  credit  institution  or  a  branch  of  foreign 

credit institution does not fulfil its obligations as described in paragraphs 1.4.1 and 1.4.2, the Post- 

och  telestyrelsen  (Swedish  Post  and  Telecom  Authority),  which  supervises  credit  institutions  and 

branches of foreign credit institutions in respect of the abovementioned obligations, must transfer the 

matter to Finansinspektionen (SFSA, Swedish Financial Supervisory Authority). The SFSA may then 

require the credit institution to take corrective action within a certain time, and if the credit institution 

does not comply with the relevant requirement within such time, the SFSA may decide that the credit 

institution must pay an administrative fee. Pursuant to the draft amendments these powers will now 

also  apply  in  respect  of  the  obligations  to  accept  cash  deposits  and  to  provide  adequate  and 

appropriate services for handling change and daily deposit takings 28. 

1.5  Entry into force 

It is proposed that the draft legislative provisions will enter into force on 1 July 202629. 

2. 

Role and importance of cash payments in society 

2.1  The ECB strongly welcomes the basic objective of the draft legislative provisions to safeguard the 

functionality  of  cash  as  a  means  of  payment  in  Sweden.  The  ECB  understands  that  electronic 

payment instruments continue increasingly to be used as a method of payment in Sweden, while the 

use of cash continues to decline. Although electronic payment instruments are increasingly used for 

retail payments in a number of Member States, cash continues to play an important role in society 

and is still widely used throughout the entire population. As the ECB has noted previously, cash is 

secure,  widely  accepted,  fast  and  facilitates  control  over  the  payer’s  spending.  Moreover,  it  is 

currently the only payment instrument that allows citizens to settle a transaction instantly and directly 

27 
28 
29 

See Section 6.2 of the legislative proposal. 
See Chapter 9, Sections 2, 4 and 5, of the Law on payment services. 

See Section 2.1 and 2.2 of the legislative proposal. 

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between two parties in central bank money, while ensuring privacy30. Cash payments facilitate the 

inclusion  of  the  entire  population  in  the  economy  by  allowing  it  to  settle  any  kind  of  financial 

transaction in this way, thus ensuring freedom of choice as to the method of payment for all citizens 31. 

2.2  The  ECB  agrees  that  the  ability  to  pay  in  cash  remains  particularly  important  for  those  who,  for 

various legitimate reasons, prefer to use physical money for payments rather than other payment 

instruments, or do not have access to the banking system and electronic means of payment. These 

groups  include  not  only  elderly  people  but  also  people  with  disabilities,  immigrants,  socially 

vulnerable  people,  minors  and  others  with  limited  or  no  access  to  digital  payment  services 32. 

Furthermore, cash may play an important role in the event of a disturbance in the payment system 33 

and it is robust against cybercrime34 and power outages as it guarantees person-to-person payment 

transactions  in  such  situations.  Cash  also  has  an  important  function  as  a  store  of  value.  The 

availability  and  accessibility  of  cash  and  its  fallback  function  in  case  of  disruptions  to  electronic 

payment  systems  contribute  to  trust  in  the  financial  system,  which  is  important  for  the  smooth 

functioning of monetary policy35.  

3. 

Obligation of credit institutions to provide cash services 

3.1  The ECB has previously welcomed the introduction of the requirement applying to certain Swedish 

credit institutions, as well as certain Swedish branches of foreign credit institutions, to provide cash 

services to consumers and firms, for the purpose of facilitating the continued use of cash in Sweden 

by ensuring an adequate level of access to cash services throughout Sweden36. While the official 

currency in Sweden is the krona, not the euro, the ECB considers it important that all Member States, 

including non-euro area Member States, take appropriate measures to ensure that credit institutions 

and branches operating within their territories provide adequate access to cash services, in order to 

30 

31 

32 

33 

34 

35 

36 

See, for example, paragraph 2.4 of Opinion CON/2017/8, paragraph 2.1 of Opinion CON/2019/41, paragraph 9.2.1 of 
Opinion CON/2020/13, paragraph 2.3 of Opinion CON/2020/21, paragraph 7.2.1 of Opinion CON/2021/9, paragraph 
2.1 of Opinion CON/2021/18, paragraph 2.1 of Opinion CON/2023/7, paragraph 1.8 of Opinion CON/2023/31 of the 
European Central Bank of 13 October 2023 on a proposal for a regulation on the legal tender of euro banknotes and 
coins  (OJ  C,  C/2023/1355,  1.12.2023,  ELI:  http://data.europa.eu/eli/C/2023/1355/oj),  paragraph  2.1  of  Opinion 
CON/2024/1, paragraph 2.1 of Opinion CON/2024/3, paragraph 2.1 of Opinion CON/2024/8, paragraph 2.1 of Opinion 
CON/2024/19,  paragraph  2.1  of  Opinion  CON/2024/22,  paragraph  2.5  of  Opinion  CON/2024/39,  paragraph  2.2  of 
Opinion CON/2025/21, paragraph 2.2 of Opinion CON/2025/26 and paragraph 2.2 of Opinion CON/2026/3. All ECB 
opinions are published on EUR-Lex. 
See  paragraph  2.1  of  Opinion  CON/2024/3,  paragraph  2.1  of  Opinion  CON/2024/8,  paragraph  2.1  of  Opinion 
CON/2024/19 and paragraph 2.1 of Opinion CON/2024/22. 
See, for example, paragraph 2.4 of Opinion CON/2017/8, paragraph 2.1 of Opinion CON/2019/41, paragraph 9.2.1 of 
Opinion CON/2020/13, paragraph 2.3 of Opinion CON/2020/21, paragraph 7.2.1 of Opinion CON/2021/9, paragraph 
2.3  of  Opinion  CON/2021/18,  paragraph  2.1  of  Opinion  CON/2023/13,  paragraph  1.7  of  Opinion  CON/2023/31, 
paragraph 2.1 of Opinion CON/2024/1, paragraph 2.4 of Opinion CON/2024/2, paragraph 2.1 of Opinion CON/2024/3, 
paragraph  2.1  of  Opinion  CON/2024/8,  paragraph  2.1  of  Opinion  CON/2024/22,  paragraph  2.5  of  Opinion 
CON/2024/39 and paragraph 2.2 of Opinion CON/2025/26. 

See, for example, paragraph 2.1 of Opinion CON/2019/41, paragraph 9.2.1 of Opinion CON/2020/13, paragraph 2.3 
of Opinion CON/2021/18, paragraph 2.1 of Opinion CON/2024/1, paragraph 2.4 of Opinion CON/2024/2, paragraph 
2.1 of Opinion CON/2024/3, paragraph 2.1 of Opinion CON/2024/8, paragraph 2.1 of Opinion CON/2024/26, paragraph 
2.5 of Opinion CON/2024/39 and paragraph 2.2 of Opinion CON/2025/26. 

See, for example, paragraph 2.2 of Opinion CON/2021/32, paragraph 2.1 of Opinion CON/2024/1, paragraph 2.4 of 
Opinion CON/2024/2, paragraph 2.5 of Opinion CON/2024/39 and paragraph 2.2 of Opinion CON/2025/26. 

See, for example, paragraph 2.2 of Opinions CON/2024/8, paragraph 2.2 of Opinion CON/2024/19, paragraph 2.2 of 
Opinion CON/2024/22, paragraph 2.5 of Opinion CON/2024/39, paragraph 2.5 of Opinion CON/2025/14, paragraph 
2.2 of Opinion CON/2025/26 and paragraph 2.3 of Opinion CON/2026/3. 

See paragraph 2.2 of Opinion CON/2019/41. 

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facilitate the continued use of cash37. Sufficient and effective access to cash is necessary to preserve 

the effectiveness of the legal tender status of cash. If citizens do not have easy access to cash, they 

will not be able to use it as a means of payment and store of value 38. Against this backdrop, the ECB 

welcomes the draft amendments, which expand the obligation of credit institutions to provide cash 

services.   

3.2  The ECB notes that that an adequate level of access to cash services should guarantee reasonable 

and proportionate cash service networks to avoid that citizens have problems accessing their money 

in cash 39. In addition, the ECB wishes to note that a minimum level of over-the counter, in-person 

cash  withdrawal  services  at  branches  may  be  needed  at  credit  institutions,  especially  for  those 

groups in society that do not have access to electronic means of payment. Such over-the-counter, 

in-person cash withdrawal services would also enable access to cash in situations where automated 

teller machine networks are temporarily unavailable. Moreover, customers should have sufficient and 

effective access to cash deposit services at credit institutions, both at bank counters and cash deposit 

machines,  for  banknotes  and  coins.  This  would  support  the  acceptance  of  cash  by  payees  (e.g. 

merchants  and  public  sector  entities)  by  ensuring  that  they  can  conveniently  convert  cash  into 

commercial bank money and manage their liquidity efficiently, for instance to pay their suppliers and 

employees 40. 

3.3  The ECB welcomes the administrative fees that may be imposed by the SFSA on credit institutions 

under the draft amendments, which should facilitate the enforcement of their obligations under the 

draft amendments 41. 

4. 

Obligation to accept cash payments 

4.1  Status of krona banknotes and coins as legal tender 

In Sweden, krona cash and emergency money are legal tender 42, meaning that everyone is obliged 

to accept banknotes and coins as payment. However, as noted in the explanatory memorandum to 

the Law on Sveriges Riksbank, this obligation may be waived by agreement in civil law relationships 

or  certain  public  law  relationships  of  a  civil  law  nature.  Exceptions  to  this  obligation  may  also  be 

made in legislation 43. 

4.2  Status of euro banknotes and coins as legal tender 

4.2.1  Although Member States with a derogation, including Sweden, do not yet participate in the third stage 

of economic and monetary union, they have a legal duty to adapt the statutes of their national central 

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38 

39 
40 
41 
42 
43 

See  paragraph  2.3  of  Opinion  CON/2019/41,  paragraph  2.2  of  Opinion  CON/2020/21,  paragraph  3.3  of  Opinion 
CON/2022/40, paragraph 2.3 of Opinion CON/2024/3, paragraph 2.3 of Opinion CON/2024/8, paragraph 2.3 of Opinion 
CON/2024/19, paragraph 2.4 of Opinion CON/2024/22, paragraph 3.2 of Opinion CON/2025/8 and paragraph 2.6 of 
Opinion CON/2025/14. 
See paragraph 1.2 of Opinion CON/2023/31, paragraphs 2.3 and 2.7 of Opinion CON/2024/19 and paragraph 2.1 of 
Opinion CON/2024/26. 
See paragraph 2.5 of Opinion CON/2025/14. 

See paragraph 2.4 of Opinion CON/2024/19 and paragraph 2.7 of Opinion CON/2025/14. 
See paragraph 2.8 of Opinion CON/2025/14. 
Chapter 4, Section 12, of the Law on Sveriges Riksbank (Lag (2022:1568) om Sveriges riksbank). 

See Section 10.4 of Prop. 2021/22:41 En ny riksbankslag. 

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banks (NCBs) to ensure compatibility with the Treaty 44 and the Statute of the European System of 

Central  Banks  and  of  the  European  Central  Bank  (hereinafter  the  ‘Statute  of  the  ESCB’).  Any 

legislative reform in any such Member State should aim to gradually achieve consistency with ESCB 

standards 45.  Furthermore,  although  Union  law  only  regulates  the  legal  tender  status  of  euro 

banknotes and coins, the Union framework applicable to the legal tender status of euro banknotes 

and coins will become directly applicable in Sweden if and when the euro is introduced in Sweden. 

Against this institutional backdrop, the ECB has prepared an assessment of the draft law’s provisions 

compared with relevant practices in the euro area, in particular as concerns the legal tender status 

of euro banknotes. 

4.2.2  The ECB has the exclusive right to authorise the issue of euro banknotes within the Union, and the 

euro banknotes issued by the ECB and the NCBs of the euro area are the only banknotes with legal 

tender status within the euro area46. The legal tender status of euro coins is provided for in secondary 

Union law47. 

4.2.3  The  concept  of  ‘legal  tender’  as  a  means  of  payment  denominated  in  a  currency  unit  has  been 

considered by the Court of Justice of the European Union. In particular, the Court of Justice clarified 

that the concept of ‘legal tender’ signifies that this specific means of payment cannot generally be 

refused in settlement of a debt, denominated in the same currency unit at its full-face value, with the 

effect of discharging the debt. In clarifying the concept of ‘legal tender’ under Union law, the Court of 

Justice took into consideration Commission Recommendation 2010/191/EU 48, which provides useful 

guidance for the interpretation of the relevant provisions of Union law. Point 1 of Recommendation 

2010/191  states  that,  where  a  payment  obligation  exists,  the  legal  tender  of  euro  banknotes  and 

coins should imply: (a) mandatory acceptance of those banknotes and coins; (b) their acceptance at 

full face value; and (c) their power to discharge from payment obligations. According to the Court of 

Justice, this shows that the concept of ‘legal tender’ encompasses, inter alia, an obligation in principle 

to accept banknotes and coins denominated in euro for payment purposes 49. 

4.2.4  However, the Court of Justice further clarified that the status of legal tender calls only for acceptance 

in principle of banknotes and coins denominated in euro as a means of payment, not for absolute 

acceptance. The Union’s exclusive competence in matters of monetary policy is without prejudice to 

the competence of the Member States whose currency is the euro to regulate the procedures for 

settling pecuniary obligations, provided, in particular, that the legislation does not affect the principle 

that,  as  a  general  rule,  it  must  be  possible  to  discharge  a  payment  obligation  in  cash.  Thus,  that 

exclusive competence does not prevent a Member State from adopting a measure falling within one 

of the Member State’s competences. For instance, a Member State may, based on its competence 

44 
45 
46 

47 

48 

49 

See Article 131 of the Treaty. 
See paragraph 3.4 of Opinion CON/2008/34.  

Article 128(1), first and third sentences, of the Treaty and Article 16, first paragraph, first and third sentences, of the 
Statute of the ESCB. 

Article 11 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (OJ L 139, 11.5.1998, 
p. 1, ELI: http://data.europa.eu/eli/reg/1998/974/oj). 

Commission  Recommendation  2010/191/EU  of  22  March  2010  on  the  scope  and  effects  of  legal  tender  of  euro 
banknotes and coins (OJ L 83, 30.3.2010, p. 70, ELI: http://data.europa.eu/eli/reco/2010/191/oj). 
See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
ECLI:EU:C:2021:63, paragraphs 46 to 49. 

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to organise its public administration, oblige the public administration to accept cash payments from 

citizens. Neither does it prevent a Member State, in the exercise of its own powers, from introducing, 

on  legitimate  public  interest  grounds,  a  derogation  from  that  obligation  for  statutorily  imposed 

payments, subject to compliance with certain conditions. In particular, the obligation to accept euro 

banknotes  and  coins  may,  in  principle,  be  restricted  by  the  Member  States  for  reasons  of  public 

interest and subject to the principle of proportionality. This means that any such restrictions must be 

proportionate to the public interest objective pursued. When limiting the possibility, recognised by 

Union  law, of generally discharging  a payment obligation in  banknotes  and coins denominated  in 

euro,  Member  States  must  ensure  that  all  measures  comply  with  the  principle  of  proportionality, 

which requires in particular that they are appropriate for achieving the legitimate objectives pursued 

by  the  legislation  at  issue  and  do  not  go  beyond  what  is  necessary  in  order  to  achieve  those 

objectives 50. 

4.2.5  The Court of Justice has established that restrictions of the legal tender status of euro banknotes in 

particular require that the legislation (a) does not have the object or effect of establishing legal rules 

governing the status of legal tender of euro banknotes; (b) does not lead, in law or in fact, to abolition 

of  those  banknotes,  in  particular  by  calling  into  question  the  possibility,  as  a  general  rule,  of 

discharging a payment obligation in cash; (c) has been adopted for reasons of public interest; (d) 

only entails a limitation on cash payments that is appropriate for attaining the public interest objective 

pursued;  and  (e)  only  entails  a  limitation  on  cash  payments  that  does  not  go  beyond  what  is 

necessary in order to achieve the public interest objective51. 

4.2.6  Regarding the proportionality of a restriction of the legal tender status of euro banknotes, the Court 

requires not only that the measure is appropriate for attaining the public interest objective pursued, 

but also that it must not go beyond what is necessary in order to achieve that objective. The ECB 

has  undertaken  additional  reflection  in  its  opinions  with  respect  to  whether  limitations  may  be 

considered proportionate 52. In particular, the ECB has noted that the broader and more general a 

limitation  is,  the  stricter  the  interpretation  of  the  proportionality  requirement  should  be.  When 

considering whether a limitation is proportionate, the adverse impact of the limitation in question and 

whether alternative measures capable of fulfilling the relevant objective with a less adverse impact 

should always be considered53. 

4.2.7  The Court of Justice has clarified that the concept of ‘legal tender’ is a concept of Union law that 

must  be  given  an  autonomous  and  uniform  interpretation  throughout  the  Union 54.  It  has  also 

established that Article 133 of the Treaty empowers the Union legislature alone to specify the legal 

rules governing the status of legal tender accorded to banknotes and coins denominated in euro, 

insofar as that is necessary for the use of the euro as the single currency. Furthermore, the Union 

50 

51 

52 

53 
54 

See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
ECLI:EU:C:2021:63, paragraphs 55 to 56 and 67 to 70. 

See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
ECLI:EU:C:2021:63, paragraph 78. 

See  paragraph  4  of  Opinion  CON/2022/5  of  the  European  Central  Bank  of  16  February  2022  on  a  proposal  for  a 
directive and a regulation on the prevention of the use of the financial system for the purposes of money laundering or 
terrorist financing (OJ C 210, 25.5.2022, p. 15). 
See paragraph 2.7 of Opinion CON/2017/8. 
See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
ECLI:EU:C:2021:63, paragraph 45. 

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legislature’s exclusive competence precludes any competence on the part of the Member States in 

the matter, unless they have been empowered by the Union to do so or for the implementation of 

Union acts 55. In this respect, the ECB  notes that,  on  28 June 2023, the Commission  published  a 

proposal for a regulation of the European Parliament and of the Council on the legal tender of euro 

banknotes and coins 56 (hereinafter the ‘proposed regulation on the legal tender of euro cash’), which 

will establish rules on the legal tender of euro banknotes and coins in binding Union secondary law 

The explanatory memorandum accompanying the proposed regulation on the legal tender of euro 

cash  states  that  discussions  within  the  Euro  Legal  Tender  Expert  Group  (ELTEG)  confirmed  the 

existence of legal uncertainty regarding the legal tender of euro cash and differing application of its 

principles in the euro area 57. These differences would justify establishing rules on the legal tender of 

euro cash in a regulation adopted under Article 133 of the Treaty. 

4.3  Specific observations regarding the draft law’s provisions on the obligation to accept cash payments 

4.3.1  The ECB understands that the obligation to accept cash payments refers to payments executed in 

the legal tender of Sweden. It must be considered whether the obligation to accept cash in the draft 

law,  if  and  when  the  euro  is  introduced  as  Sweden’s  legal  tender,  would  establish  legal  rules 

governing  the  legal  tender  status  of  euro  banknotes  and  coins,  which  is  an  area  of  exclusive 

competence of the Union under Article 133 of the Treaty, or whether it is a measure taken in the 

exercise of the competence of the Member States. 

4.3.2  The draft law’s obligation to accept cash is limited to business-to-consumer transactions. It does not 

extend  to  cases  in  which  the  debtor  of  the  pecuniary  debt  is  not  a  consumer  (e.g.  business-to-

business transactions) or in which both the creditor and the debtor are consumers (i.e. consumer-to-

consumer transactions). The ECB therefore understands that the obligation to accept cash set out in 

the draft law is intended as a national measure that regulates the procedures for settling pecuniary 

obligations in the exercise of national powers, particularly in the field of consumer protection. The 

draft  law  would  not  seem  to  establish  legal  rules  governing  the  status  of  legal  tender  of  euro 

banknotes and coins, which would become relevant if and when the euro is introduced as Sweden’s 

legal tender. 

4.3.3  As regards the limitation on the obligation to accept cash payments in the event of the inability to 

maintain security at the point of sale (see  paragraph  1.3.2), the  ECB notes the  absence  of clear, 

objective and narrowly defined criteria to determine when such a security risk may be held to arise. 

There is accordingly a risk of inconsistent application or overly broad interpretations that may restrict 

the acceptance of cash payments, especially given the absence of a public enforcement mechanism 

under the draft law. This lack of precision may create legal uncertainty, undermining the predictability 

and uniformity of the legal framework governing cash acceptance 58. 

55 

56 
57 

58 

See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
ECLI:EU:C:2021:63, paragraphs 50 to 52. 
COM(2023) 364 final. 

See section 3, page 4 of the explanatory memorandum accompanying the proposed regulation on the legal tender of 
euro  cash  and  Principle  6  of  the  final  report  of  ELTEG  of  6  July  2022,  available  on  the  Commission’s  website  at 
www.ec.europa.eu. See also Opinion CON/2023/31. 

See paragraph 3.5.1 of Opinion CON/2026/3. 

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4.3.4  In relation to the fact that the limitation on the obligation to accept cash payments due to the inability 

to  maintain  security  at  the  point  of  sale  (see  paragraph  1.3.2)  may  be  applied  during  evening  or 

nighttime hours, the ECB notes that retail grocery stores and pharmacies are essential services that 

often serve individuals who rely on the ability to pay in cash. A number of social groups, such as shift 

workers, tourists, individuals without access to electronic payment methods, or those who prefer to 

use cash for budgeting purposes or for any other legitimate reason, may prefer using cash to pay for 

necessary goods also during these hours. 

4.3.5  As regards the limitation on the obligation to accept cash payments in respect of individual sales if 

there  is  an  acceptable  reason  to  do  so  (see  paragraph  1.3.3),  the  ECB  notes  –  similarly  to  the 

limitation related to the inability to maintain security at the point of sale – that both the existence of 

the  limitation  itself  and  the  absence  of  clear,  objective  and  narrowly  defined  criteria  related  to  its 

application  may  create  a  risk  of  inconsistent  application  or  overly  broad  interpretations  that  may 

restrict  the  acceptance  of  cash  payments,  especially  given  the  absence  of  a  public  enforcement 

mechanism under the draft law59. 

4.3.6  The legislative proposal states that the draft law is self-regulatory in nature as there is no supervisory 

authority, and it is the operators covered by the obligation to accept cash payments who decide how 

to  comply  with  it  (see  paragraph  1.3.1).  It  is  therefore  doubtful  whether  the  draft  law  effectively 

achieves  the  objective  of  safeguarding  the  functionality  of  cash  as  a  means  of  payment.  In  this 

context, the ECB notes that a lack of public supervision over the application of the limitations provided 

for in the draft law could undermine cash acceptance60. 

This opinion will be published on EUR-Lex. 

Done at Frankfurt am Main, 16 April 2026. 

[signed] 

The President of the ECB 

Christine LAGARDE 

59 
60 

See paragraph 3.4.5 of Opinion CON/2026/3. 

See paragraph 3.5.8 of Opinion CON/2026/3. 

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