Sweden’s Central Bank Pushes Back on Cashless Trend with Pro-Cash Reforms
In a surprising reversal of Sweden’s long-standing move toward a cashless society, the country’s central bank has issued strong support for preserving the role of physical currency. In a submission to the national Cash Inquiry, the Riksbank has proposed legal requirements for essential service providers—such as grocery stores, pharmacies, and healthcare providers—to accept cash payments.
Governor Erik Thedéen underscored the importance of maintaining a resilient payment infrastructure, particularly in light of increasing cyber threats and recent power outages in parts of Europe. “People should always be able to pay for food, healthcare and medicines both digitally and with cash,” he said.
The proposals also call for major banks to step up their responsibility in supporting cash usage. This includes mandating overnight deposit and petty cash services for businesses, and requiring banks to allow private individuals to deposit banknotes into their accounts—something that, until now, has not been legally enforced.
Thedéen warned that Sweden’s cash infrastructure has become dangerously fragile and in need of urgent legislative protection. He stressed that without reliable access to cash-handling services, the option to use cash could effectively disappear for many citizens.
The move signals a shift in Sweden’s payment policy approach, recognising the need for inclusivity and systemic resilience in an era of digital dependency.
