Sweden’s Civil Contingencies Agency says cash is needed in case of emergencies such as technology failures and cyber attacks.
By Karl Flinders of Computer Weekly.
A Swedish government body has told the country’s citizens to store cash in case of emergencies that could make other payment methods impossible.
According to The Times, the Swedish Civil Contingencies Agency said people should keep “cash in small denominations” to ensure they have access to money if case of emergencies including technology glitches and cyber attacks.
Sweden is often cited as potentially the first country to go cashless, but its central bank, Riksbank, recently demanded an inquiry into the risks associated with a cashless society.
According to the World Economic Forum, the value of cash in circulation in Sweden has dropped to 1% of the country’s GDP, but in 2017, a study by the Federal Reserve Bank of San Francisco found that the use of cash continues to increase in all the world’s economies apart from Norway and Sweden.
In 2016, Sweden’s ruling Social Democrats put forward a plan to make the country the world’s first cashless society by 2030. This specific target date was broadly supported by opposition party leaders subject to the government reaching a consensus on the plan with trade unions, banks and Sweden’s leading national consumer groups.
But not everyone supports a rapid transition to a digital currency…