Vitalik Buterin’s Wake-Up Call: Ethereum Needs Nordic-Level Resilience to Survive Cashless Backlash

Ethereum’s co-founder drops a truth bomb as Scandinavia’s cashless experiment stumbles—blockchains must evolve or face obsolescence.

When even the poster child for digital payments hits a snag, you know it’s time to double down on antifragility.

Bonus jab: Meanwhile, Wall Street still can’t tell the difference between a blockchain and a spreadsheet.

Sweden tells citizens to store paper money for wartime use

The Swedish central bank’s latest payments report says the country has the lowest amount of physical money in circulation as a share of GDP. But in the face of possible war in Europe, cyberattacks, and instability in the US, the government no longer believes that’s a good thing.

In November, the Swedish defense ministry mailed a national survival brochure titled If Crisis or War Comes to every home. It asked people to use cash regularly and keep at least a week’s worth of bills in various denominations.

The central bank backed that in the same report, saying efforts must now MOVE from pure efficiency to ensuring everyone can still pay during a crisis. “Measures need to be taken to strengthen preparedness and reduce exclusion,” the bank said.

Until now, Sweden’s priority was speed and ease. But current risks forced a pivot. The government then released an inquiry in December proposing that some businesses be required to accept cash again. The bank agreed and urged that this plan be enforced.

Sweden also previously worked on a central bank digital currency, the e-krona, as cash use dropped. But that plan stalled and was dropped entirely a few years ago. Now, the bank is only “monitoring” how other countries are handling digital currencies.

Norway forces retailers to accept cash or face punishment

Norway is facing the same issues. It has a Swish-style system called Vipps MobilePay, which is widely used. But in 2024, the Norwegian government passed a law making it illegal for retailers to reject physical money. If they do, they face fines and other penalties. The law came after warnings from officials about how exposed the system is to cyberattacks.

Norway’s justice and emergencies minister at the time, Emilie Mehl, said clearly: “If no one pays with cash and no one accepts cash, cash will no longer be a real emergency solution once the crisis is upon us.” Her statement summarized what both countries now believe: that if all payments are digital, then none are SAFE during a real emergency.

The Norwegian government has also officially asked the public to keep physical money at home in case mobile networks or digital systems fail. This is now considered a civil defense measure, not financial advice. The Nordic countries that once bragged about leading the way into the future are now printing leaflets to remind people how to use cash again.

For Vitalik, this is all proof that Ethereum has to go beyond just scaling. It has to be reliable when everything else is broken. Not reliant on governments, not dependent on centralized infrastructure.

“Private enough” and “resilient enough” aren’t buzzwords here, said Vitalik, adding that he’s pushing Ethereum to become a fallback that works even when nothing else does.

The same countries that tried to delete cash from their economy are now counting on it in case of war. Sweden’s government is requiring businesses to accept cash again. Norway is punishing retailers who don’t. 

Central banks that once pushed for total digital transitions are now telling people to carry emergency paper money. Meanwhile, Ethereum, which is decentralized by design, still isn’t ready, according to Vitalik.

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