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Sweden, Norway rethink plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats (www.theguardian.com)

submitted 1 day ago by 0x815@feddit.org to c/technology@lemmy.world

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cross-posted from: https://feddit.org/post/4262252

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.

[...]

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.

[...]

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.

[...]

[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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[-] 0x815@feddit.org 2 points 23 hours ago

Affordable housing and the threat by malicious actors to attack digital payment systems are two different things. Homelessness has to be addressed, of course, but we are dealing here with something else.

[-] 0x0@programming.dev 6 points 19 hours ago

You seem to have missed the point: in many countries, access to a bank account (therefore digital money) is not universal.

[-] 0x815@feddit.org 1 points 17 hours ago

I didn't miss the point, but this is a different topic. We need to provide housing, end homelessness and possibly the right to a bank account for everyone. These are different things.

this post was submitted on 30 Oct 2024

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