Vitalik Buterin expressed concerns about the reliability of centralized digital payment systems and highlighted the need for improvements in Ethereum.
Issues with Cashless Systems
Buterin warned that centralized digital payment systems are too fragile, referencing Sweden and Norway's struggles with their shift to cashless transactions.
Sweden Reverts to Cash
Sweden, which aimed to be fully cashless by 2025, is now advising citizens to have cash on hand due to cyber threats. The central bank indicates the necessity for cash to ensure stability during crises.
Norway Penalizes No Cash Acceptance
Norway has enacted a law prohibiting retailers from rejecting cash, responding to cyberattack risks and highlighting the need to ensure payment security during emergencies.
The Nordic experience demonstrates that even countries confident in a complete shift to digital payments are turning back to cash. Buterin insists that Ethereum must be reliable and independent of centralized systems to play a crucial role in the future.
