Sweden and Norway rethink cashless society plans over Russia security fears
www.theguardian.com
Rise in hybrid warfare and cyber-attacks blamed on pro-Russia groups prompt Nordic neighbours to backpedal

cross-posted from: https://feddit.org/post/4262252

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.

[…]

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.

[…]

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.

[…]

[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”.

[…]

  • oldfart@lemm.eeEnglish
    3·
    21 days ago

    Since when keeping the money you earned is “hoarding” and a bad thing?

    I think money with expiration period that exists to prevent people from having savings is very dystopian, I don’t feel like there is something to explain.

    • KomfortablesKissen@discuss.tchncs.deEnglish
      1·
      21 days ago

      For the individual saving is something very good. For the economy, however, a money hoarder is dead weight. It’s why inflation won’t ever completely go away, because it discourages hoarding (investing/bringing it to the bank can counteract this, that’s why I didn’t call it saving the second and third time)

      It really depends who the issuer of the certificates (wallets) is. The funds get automatically transferred and won’t be lost, it’s “just” a privacy problem (plus the issuer will probably be able to interfere).

      So the idea isn’t that dystopian, but it very much depends on the implementation.