Sweden once led the way toward a cashless society. It pushed digital payments, backed by strong mobile systems like Swish. Cash nearly disappeared from daily use. Most people paid with cards or phones or explored blockchain solutions like Ethereum.
In 2018, experts predicted a fully cashless country by 2025. Around the same time, Ethereum and other blockchain platforms were gaining global attention, seen as the next step in secure, decentralized finance.
That has come to be. Only one in ten transactions involves cash. But today the nation takes a step backwards. Uncertainty has tempered the atmosphere. War in Europe, world instability, and cyber attacks have laid bare the vulnerabilities. Sweden now perceives the danger of dependence on centralized electronic systems.
Ethereum’s buterin warns of digital fragility
Ethereum co-founder Vitalik Buterin referred to this instance as an indicator of cryptocurrency fragility. He feels decentralized networks should become more secure and private. The Swedish government now encourages citizens to hold cash. The Defense Ministry has asked its citizens to hold a week’s supply of bills.
The aim is to enhance preparedness at the time of a crisis. Even the central bank, previously directed toward efficiency, now advocates broader accessibility and security. Norway takes the same approach. It legislated to provide shops to accept payment in cash. Authorities emphasize the necessity of physical funds in the event of an outage or attack. Electronic services may fail.
Sweden pauses digital currency plans
Cash is a last resort. Norway’s government now encourages everyone to keep some at home, just in case. Sweden experimented with its electronic money, the e-krona. That experiment ended. The central bank now keeps a watchful eye on world developments. Confidence in an all-digital future has lost strength.
Digital payments introduced speed and convenience. But the times changed. Crisis planning led to the return to old ways. Cash is no longer an anachronism. It’s a protection from the unexpected. Nordic countries, previously models of digital advancement, now question the price of complete digitization.
On the contrary, they don’t exclude technology. They balance it. Digital networks can break down in times of emergency. Cash remains steadfast. Sweden and Norway, the most cashless nations, now remind everyone that physical currency is important.
