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Pymnts

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Cashless Countries Rethink Switch Amid New Cyberthreats

  • Two of the planet’s most cashless societies, Sweden and Norway, are reexamining their move from paper money.
  • Norway has floated legislation to fine retailers for not accepting cash and recommending citizens to keep some cash on hand, citing vulnerability of digital payment solutions to cyberattacks.
  • Sweden's central bank is focusing on monitoring central bank digital currency (CBDC) projects around the world instead of developing their own digital currency, the "e-krona".
  • In the U.S., the future of digital currencies is uncertain as lawmakers debate the potential ban of an American central bank digital currency (CBDC) due to concerns of centralization and impact on financial privacy.

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