According to experts, the uniquely low share of cash money in Sweden leaves the country more vulnerable to contingencies and hack attacks, prompting the authorities to explore alternative options such as digital currency.
The share of cash in Sweden's money supply has reached a historic low at SEK 62 billion ($7.2 billion), the lowest level measured, at merely 1.33 percent.
The sign “card payments only” has recently become a more common sight in more and more stores – not least as a side effect of the COVID-19 pandemic. In a survey from the Riksbank, Sweden's central bank, fewer than one in ten respondents stated admitted to using cash for their most recent purchase. Half of the respondents hadn't used cash at all in the past month.
Given the fact that the share of electronic money in use has, by contrast, risen to 99 percent, experts called the situation in Sweden unique, yet warned of the associated risks.
