##coin, libra. https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201104 ~ 7908460f0d. en. html 1 / 5 04 / 11 / 2020 the two sides of the ( stable ) coin global stablecoins are initiatives which aim to achieve a global footprint [ 3 ], without necessarily relying on existing payment schemes and clearing and settlement arrangements. for example, libra is an integrated construct that simultaneously encompasses a new settlement asset, a new payment rail and new end - user solutions. global stablecoins could drive further innovation in payments, responding to the need for cross - border payments and remittances that are more efficient and cheaper. indeed, the financial stability board has proposed a roadmap to enhance cross - border payments that recognises a role for sound global stablecoin arrangements. the flip side of stablecoins is the host of risks they can pose to our social and economic life. for example, data - driven models could pose a risk of misuse of personal information for commercial or other purposes, which could jeopardise privacy and competition and harm vulnerable groups. another concern is that wide acceptance of stablecoins offered by foreign companies would make european payments dependent on technologies designed and governed elsewhere. this could raise potential issues of traceability in the fight against money laundering, terrorist financing and tax evasion. it could also make the european payment system unfit to support our single market and single currency and vulnerable to external disruption, such as cyberattacks. risks to financial stability and monetary sovereignty other risks involve the monetary and financial system. in fact stablecoins, if widely adopted, could threaten financial stability and monetary sovereignty. as i mentioned earlier, stablecoin issuers often promise that their stablecoins can be converted into fiat currencies. but this promise generally differs significantly from the convertibility mechanism for bank deposits or e - money. in the case of bank deposits, one - to - one convertibility to the fiat currency is safeguarded by deposit insurance schemes and prudential regulation and supervision. the value and safety of e - money holdings are protected by the fact that e - money issuers must hold customer funds in custody by third parties. these safeguards may not apply to stablecoins, which are therefore vulnerable to runs. if the issuer does not guarantee a fixed value, the price of the

entire 2000s. the number of cash withdrawals has been around sek 320 million. does this mean that we have reached a lower limit for how much the use of cash can decline? has the heyday of the account - based payments ended? i do not believe we should be so sure of that. cash is still expensive to transport and manage and a heightened risk of robbery in recent years has not made cash management cheaper. in the end, it is we consumers who pay the costs in different ways. however, we must probably point out that we swedes like our cash more than most analysts believed a few years ago. how then have the account - based payment instruments developed? the use of cards has increased rapidly card payments have increased rapidly in sweden in recent years. in ten years the value of card payments has almost quadrupled and the number of payments by card has increased sevenfold. six years ago, in 2002, for the first time ever more card payments were made in payment terminals than atm cash withdrawals. in the most recent statistics available, from 2006, card payments in payment terminals were three times more common than atm cash withdrawals. if one calculates in terms of the number of transactions, cards are now the most used account - based payment instrument. like cash, card payments are mainly used for payments that are made at the actual time of the transaction. according to a 2006 temo survey, 45 per cent of those questioned used cards as legal tender in at least four of five purchases. 3 the value of an average card payment has almost halved in the past ten years, from around sek 730 to around sek 380. we are then using cards to a greater degree to pay smaller amounts. in this way cards increasingly appear to act as a substitute to cash. this is particularly so in the case of younger people, which is indicated in a study recently published by the riksbank. 4 the economist, 17 - 23 february 2007. the stock of banknotes and coins totalled sek 114 billion on 31 december 2007. sveriges riksbank. “ allmanhetens syn pa bankerna ” ( the swedish public ’ s opinion of banks ), temo survey, march 2006, the swedish bankers ’ association. bergman, guibourg and segendorf, “ the costs of paying – private and social costs of cash and card ”, working paper series, ( no. 212 ), sveriges riksbank, september 2007. moreover