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.
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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.
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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.
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[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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I was quite surprised when I first had to handle large amounts of cash. Securely transporting it to and from a bank is quite a hassle, and making sure you always have enough change is as well. Idk about the specific economics of it, but it’s easy to underestimate for those of us who don’t have to deal with it at scale.
Had a lot of robberies of cash transports in Sweden earlier. Haven’t heard of one in the last 20 years or so.