Published August 2, 2021 at 5:39 pm
Economics. Cash's share of the money supply in Sweden is now only 1.33 percent, or SEK 62 billion – which is the lowest level measured. Experts now warn of the risks, reports Svenska Dagbladet.
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The recent figures from Statistics Sweden mean that 99 percent of the money we use now is electronic.
Robert Bergqvist, senior economist at SEB, tells SvD that the situation in Sweden – which is leading in cash freedom – is unique.
He also warns of the risks in such a situation.
– What do we do if someone pulls the cord? Take the latest IT attack on Coop, for example, and imagine that a giant cyber attack on Sweden takes place. Should we then go back to a barter economy? says Robert Bergqvist to SvD.
The IT attack on Coop in early July led to the majority of the company's 800 stores not being able to accept card payments. This lasted for several days and Coop is estimated to have lost more than SEK 100 million in the coup.
In the spring, the MSB authority recommended everyone to keep cash at home in the event of a crisis. A major investigation in the form of a game funded by the authority had then shown what unexpected and serious consequences a stop in card payments can have.