Sweden, Norway rethink plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats
Sweden, Norway rethink plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats
Rise in hybrid warfare and cyber-attacks blamed on pro-Russia groups prompt Nordic neighbours to backpedal
A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.
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But Russia’s invasion of Ukraine in 2022 and a subsequent rise in cross-border hybrid warfare and cyber-attacks blamed on pro-Russia groups have prompted a rethink.
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The Swedish government has since completely overhauled its defence and preparedness strategy, joining Nato, starting a new form of national service and reactivating its psychological defence agency to combat disinformation from Russia and other adversaries. Norway has tightened controls on its previously porous border with Russia.
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[Norway's] justice and public security ministry said it “recommends everyone keep some cash on hand due to the vulnerabilities of digital payment solutions to cyber-attacks”. It said the government took preparedness seriously “given the increasing global instability with war, digital threats, and climate change. As a result, they’ve ensured that the right to pay with cash is strengthened”.
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Estonia can do it, even under constant russian harassment. https://interestingengineering.com/innovation/e-estonia-the-worlds-most-advanced-digital-society
This article has been published on 24 February 2020, exactly 2 years before Russia's full-scale invasion of Ukraine. They may change their mind like Sweden and Norway are doing.
[Edit typo.]
fair enough, but still https://e-estonia.com/where-is-our-digital-state-heading/ so long as russia doesnt try any drastic new tricks like space-nuke EMPs, they will be doing alright if they know what they are doing.
What's the point though? Other than hurting poor people, that is.
Handling cash is expensive and difficult for shops, so it might make sense to not require shops to accept cash.
I guess certain crimes also become harder.
Not sure I support it, but I see that there are points to it.
More expensive than credit card & POS machine fees? I think probably not.
I was quite surprised when I first had to handle large amounts of cash. Securely transporting it to and from a bank is quite a hassle, and making sure you always have enough change is as well. Idk about the specific economics of it, but it's easy to underestimate for those of us who don't have to deal with it at scale.
Had a lot of robberies of cash transports in Sweden earlier. Haven't heard of one in the last 20 years or so.