As Sweden rethinks its push toward a cashless society, Ethereum co-founder Vitalik Buterin highlighted the fragility of centralized digital payments and the opportunity presented for decentralized payment alternatives.
In recent years, Sweden has led the charge toward a cashless future, with digital payment platforms becoming widespread. However, as concerns over cyber-threats, civil defense and instability emerged, Swedish authorities are now actively encouraging citizens to keep cash.
Buterin highlighted that the reversal highlights that while centralized solutions may be efficient, they may not be reliable in times of crisis.
“Nordics are walking back the cashless society initiative because their centralized implementation of the concept is too fragile,” Buterin wrote, citing a March 16 article by The Guardian. “Cash turns out necessary as a backup.”
Source: Vitalik ButerinHow Ethereum can play a role in a crisis
A former central bank official predicted in 2018 that Sweden would be