The demand for an offline digital cash option has been intensifying since Russia invaded Ukraine. Is there a role for blockchain?
The Ukraine-Russia War has shaken up the world in many ways. For the Nordic countries, two of which share borders with Russia (Finland and Norway), a military invasion is no longer unthinkable. For Sweden, it may also be prompting second thoughts about its “cashless society.”
According to a recent report in The Guardian, Sweden is worried about hybrid warfare attacks from Russia, including cyberwarfare. This can take down critical infrastructure like power grids on which digital payment networks depend. The Swedish government has even advised its citizens to put aside some “cash” — just in case.
“Nordics are walking back the cashless society initiative because their centralized implementation of the concept is too fragile. Cash turns out necessary as a backup,” Ethereum co-founder Vitalik Buterin posted on May 25, referencing The Guardian story.
