“Cashless” Sweden Wants Citizens to Hoard “Cash” in Case of Cyberwarfare
- Sweden’s Civil Contingencies Agency issues guidance to stockpile cash
- Could Bitcoin have a role to play in case of emergency like power cuts, technology glitches, terrorism or war
Cashless payments are what the world is moving towards and the Swedish government has been the example for that “cashless society.”
The central bank of Sweden, Riksbank has hundreds of articles on “cashless society” on its website that worked in the country’s favor as between 2013 and 2017, the cash in circulation in the country dropped by 35 percent.
Many of Sweden’s bank branches have stopped handling cash altogether. Data also shows only 18 percent of all payments are made in cash today in Sweden and 80 percent of the retailers’ commerce is from card payments.
Cashless Society can’t Turn Away from Cash Completely
The country that has earned the reputation as the world's “most cashless nation” is now concerned that people will be left without any money should the computer networks become a victim to in attack.
Swedish Civil Contingencies Agency an arm of the government has issued guidance to every household telling its citizens to stockpile “cash in small denominations” for use in case of emergencies, reports The Daily Mail. These emergencies range from technology glitches, power cuts to cyber warfare and terrorism.
Last week, Riksbank called for an inquiry into the future risks posed by a cashless society. It suggested that the country should create the world’s first state-backed digital money. Officials also told parliament that hard cash is important:
“not just in times of crisis and war, but also in peacetime.”
Just last year, Stefan Ingves had warned that a cashless society will put too much power into the hands of the companies that are responsible for processing payments.
Could Bitcoin have a Role to Play here?
Now as the country that is predicted to become the world’s first cashless society makes the warning, it will ring the alarm bells around the worlds as nations are increasingly making the move to a cashless society.
Instead of the gold that has been used a safe haven during the difficult times, the country has warned its citizens to hoard cash which talks about the importance of the physical form of money.
Could in times like these Bitcoin prove to be more beneficial? Bitcoin offers the benefits of cash in the form of eliminating the middleman and some level of privacy along with the value that is deflationary and moreover portable and unconfiscatable, unlike gold.
If you are the owner of your own keys, Bitcoin does offer increased security and with developers working on increasing its privacy and demonstrating offline transfer of BTC, the leading cryptocurrency might have an “integral” role to play during the emergencies.