The northern country is seen worldwide as a pioneer of a cashless society, but now the Swedish National Bank is making a stunning pivot and emphasizing the importance of continuing to be able to pay with cash.
There should be no more cash in 2023
Sweden has been showing what a cashless society of the future could look like for many years. Plans were still circulating in 2018 that cash would completely disappear from everyday life in Sweden by March 2023. Then notes and coins should still exist, but should no longer be accepted in trade.
But as so often in history, things turn out differently than planned. The war in Ukraine and numerous other crises have also clearly shown Swedish society the benefits that cash can have.
The proponents of cryptocurrencies have also recognized this; After all, digital coins also rely on anonymity and independence. Bitcoin is seen as the answer to the problems of the financial system; New coins like Sealana, which continue to come onto the market, also benefit from this.
Fans of cash are increasing
The need for cash traditionally increases in crises, and this has been no different in recent years. Today there is no longer any talk of completely abolishing cash, quite the opposite.
In its current annual report, the National Bank of Sweden called on the government to create appropriate laws so that people in Sweden can continue to make subsistence payments with cash in the future.
This change has already been noticeable since 2020; The pandemic has made many people think differently. The proportion of the population who support abolishing cash is also falling significantly. Two years ago it was 44 percent of the population, now only 36 percent.
Monetary authorities demand secure supplies
According to the National Bank of Sweden, the Swedish government should ensure a secure supply of cash to the population. There is currently only one private company in Sweden that distributes cash in the country.
The monetary authorities now describe cash as indispensable for the supply of secure payment systems that are available to all. Cyber attacks or power outages could paralyze digital payment transactions and would pose a risk. This cannot guarantee security. It should therefore also be possible to use multiple payment systems in the future.
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