Sweden's government proposed legislation to require certain businesses to accept cash again, citing concerns over the security of digital-only payments

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This was supposed to be the model for the future of finance. However, the Swedes now have second thoughts about cash, with the authorities even urging citizens to use cash more frequently for civil defense purposes. Popular payment apps, for instance, can become inaccessible in the case of cyberattacks.

Until now, Sweden’s priority was speed and ease. But current risks forced a pivot. The government then released an inquiry in December proposing that some businesses be required to accept cash again. The bank agreed and urged that this plan be enforced.