«In case of crisis or war»: Sweden and Norway issued a call to citizens.

The Swedish and Norwegian governments have abandoned the idea of creating a cashless society due to risks related to security and threats from Russia. This information is reported by The Guardian.

In 2022, Russia invaded Ukraine and launched a cross-border hybrid war and cyberattacks carried out by pro-Russian groups. This forced Sweden and Norway to revise their defense and readiness strategies.

Financial threat to citizens

The Swedish Ministry of Defense advises citizens to keep a cash reserve and regularly use it. There is also a consideration of adopting a law that would protect the ability to pay for goods in cash. In Norway, cash is also being phased out, which makes it impossible for 600 thousand people without access to digital services to pay for goods.

The Ministry of Justice and Public Security also advises having cash at home due to the vulnerability of digital payments to cyberattacks. In the event of system failures or digital attacks, cash might become the only accessible alternative.

The volume of cash purchases in stores has decreased from 40% in 2012 to 10% in recent years. Concerns are growing about the devaluation of cash.

The European Commission also recommends that EU residents stock up on essentials in case of crisis situations.