Ethereum co-founder responds to Sweden’s cashless-society rethink

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Sweden’s Cashless Dream: A Comedy of Errors! 😂💸

As Sweden, that bastion of modernity, takes a moment to reconsider its fervent embrace of a cashless society, Ethereum co-founder Vitalik Buterin, with the wisdom of a sage and the humor of a jester, pointed out the delicate nature of centralized digital payments. Ah, the irony! Here we are, in a world where we can send a cat video across the globe in an instant, yet our money is as fragile as a snowflake in July.

In recent years, Sweden has been strutting about like a peacock, leading the charge toward a cashless utopia, where digital payment platforms are as common as meatballs at a family gathering. But lo and behold! As whispers of cyber threats and civil unrest began to echo through the land, the Swedish authorities, in a moment of clarity, have started to encourage their citizens to keep a little cash on hand. Who would have thought? Cash, the old reliable, making a comeback like a washed-up rock star!

Buterin, ever the insightful observer, noted that this reversal serves as a reminder: while centralized solutions may boast efficiency, they are about as reliable as a politician’s promise in times of crisis. “The Nordics are walking back the cashless society initiative because their centralized implementation of the concept is too fragile,” he quipped, referencing a March 16 article by The Guardian. “Turns out, cash is necessary as a backup. Who knew?”

How Ethereum can play a role in a crisis

Once upon a time, a former central bank official predicted in 2018 that Sweden would be cashless by 2025. Fast forward to now, and it seems that only one in ten transactions is done in cash. A real nail-biter, isn’t it? The government, in a fit of practicality, has even published a brochure urging citizens to carry a week’s worth of cash, just in case the world decides to go haywire. Buterin, with a twinkle in his eye, suggested that this rethink underscores the unreliability of centralized digital payment systems during turbulent times.

In a moment of brilliance, Buterin proposed that Ethereum could serve as a decentralized financial safety net in times of crisis. “Ethereum needs to be resilient enough, and private enough, to credibly play this kind of role,” he mused, as if pondering the meaning of life over a cup of tea.

When asked about the practicality of fully-offline, zero-knowledge technology-secured private transfers, Buterin replied with a mix of optimism and realism:

“We basically know how to do it, but with the limitation that any solution depends on trusted hardware and/or post hoc enforcement against double-spenders.”

Crypto payments exec thinks crypto won’t replace fiat

Meanwhile, in the land of crypto, Mercuryo co-founder and CEO Petr Kozyakov shared his thoughts, stating that while crypto payment solutions are gaining traction, they won’t be replacing fiat anytime soon. “People will use crypto when it’s easier and more practical,” he declared, as if he were the oracle of the digital age.

So, there you have it! A tale of cash, crypto, and the eternal struggle between the old and the new. Who knew that the future of money could be so entertaining? 🎭💰

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2025-05-26 14:59