Riksbank advises Sweden to keep cash around

May 9, 2019

The tide is turning on the cash debate, and nowhere is this more evident than in supposedly "cashless Sweden", where officials are now advising the public hoard their cash in case of a cyber-crisis.

The Scandinavian country, where not long ago, the mere sighting of a banknote was considered so rare it would spark suspicion, is becoming one of the loudest voices calling for the preservation of cash.

'Sweden’s big message to us is, ‘Plan now before you get into a mess.’'
"Natalie CeeneyChair of Access to Cash reviewAs quoted by The Sunday Times (May 5, 2019)

On May 3rd, 2019 officials from the nordic nation's central bank told parliament that cash is vital "not just in times of crisis and war, but also in peacetime".

Excerpt from The Sunday Times article

Everyone in Sweden has been urged to stockpile coins and banknotes in case the country’s move towards a cashless society leaves them without money in a cyber-crisis.

'The Swedish Civil Contingencies Agency, an arm of the government, has sent guidance to every home telling residents to squirrel away “cash in small denominations” in case of emergencies ranging from power cuts or technology glitches to terrorism, cyber-attacks by a rogue government or war.'
"Sweden, nation that pioneered living without cash,warns: Hoard your banknotes by Kate PalmerThe Sunday Times (May 5, 2019)

In a move that will sound alarm bells in the UK, Sweden — one of the most advanced nations for digital payments — has warned that its people could be unable to buy anything if its computer networks were put out of action.

Read full Times article here

Last Updated: Jan 12, 2024

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