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Sweden, Norway rethink plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats (www.theguardian.com)

submitted 1 month ago by 0x815@feddit.org to c/technology@lemmy.world

156 comments fedilink hide all child comments

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”.

[...]

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[–] bluewing@lemm.ee 2 points 1 month ago (1 children)

They call that type of "no currency" economy bartering. It works well for peer to peer transactions. Not quite so well for larger ones.

[–] girsaysdoom@sh.itjust.works 2 points 1 month ago (1 children)

In a post-scarcity society, you wouldn't need money.

We could actually achieve that too. We'd just need to solve food logistics hurdles, homelessness, useless subsidies, bigotry, corruption, greed. Totally doable in our lifetime. /s

[–] uis@lemm.ee 1 points 1 month ago

homelessness

USSR solved it.