Vitalik Buterin: Sweden's rejection of a cashless society confirms the need for Ethereum

Buterin noted that the Nordic countries are gradually abandoning the idea of ​​​​a complete transition to a cashless society. He emphasized that the implementation of such a model based on centralized solutions is too unstable, and cash remains necessary as a reserve asset in times of crisis. "Ethereum must be sufficiently sustainable and private to take on a similar role," he wrote on the social network, commenting on the publication of The Guardian.

The publication reported that due to geopolitical instability, the Swedish authorities began to urge citizens to regularly keep a supply of cash for at least a week. We are talking about banknotes of different denominations that can be used in case of failures in digital systems. Despite the fact that only about 10% of transactions in the country are made in cash, the government has effectively revised the course announced seven years ago.

Similar changes are observed in other countries in the region. For example, in 2024, Norway passed a law requiring retail stores to accept cash. Refusal now entails fines. This decision was explained by the need to protect against vulnerabilities in digital systems, including the risks of cyberattacks and power outages.

Answering a question about the prospect of fully autonomous and private transfers using ZK technologies, Buterin emphasized that the technical possibility already exists. However, implementation is still limited - any solutions require either trusted equipment or mechanisms to control attempts at double spending.

Recall that Buterin's goals for 2025 include developing privacy, improving communication protocols, and increasing social awareness in the crypto space. His recent statement confirms that he sees Ethereum not only as a platform for decentralized applications, but also as a potential alternative to traditional money in unstable times.