Canadian programmer Vitalik Buterin emphasizes that Ethereum should remain resilient and private in order to take him to the X social media network and continue to compete with cash.
Buterin pointed out a recent report. This shows that Scandinavian countries are currently reverting to cash due to vulnerabilities in centralized digital payments.
It is noteworthy that Norway and Sweden have led the promotion of a future for a cashless society. Cash usage fell sharply in Sweden in the 2010s. In the early 2020s, apps like Swish gained widespread adoption, so very small percentage of purchases were created in cash. Sweden was expected to be completely cashless by 2025.
This was considered a future model of finance. However, Swedes are now rethinking cash, with authorities urging citizens to use cash more frequently for civil defense purposes. For example, popular payment apps may become inaccessible in the event of a cyber attack.
Norway, which was also at the forefront of the cashless revolution, can fines if retailers do not accept cash.
Now that two Nordic countries recognize cash as a necessary backup, Butaline believes that Ethereum must be private and resilient in order to play the same role.
Centralized digital payment systems remain obviously vulnerable, and it is also challenging that the most progressive and technologically advanced societies become truly cashless. That said, it remains to be seen whether Crypto will actually serve as a cash substitute.
