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Finance

Posted By Global Banking and Finance Review

Posted on January 21, 2025

Legislation needed in Sweden to protect status of cash, Riksbank's Bunge says

STOCKHOLM (Reuters) - Legislation is needed in Sweden to protect the status of cash, usage of which has been declining for a long time in the Nordic country, central bank Deputy Governor Aino Bunge said on Tuesday.

"The digitalisation of the payments market has helped make payments faster and more convenient for most people," the Riksbank's Bunge said in the written summary of a speech.

"At the same time, cash is needed – so that everyone can pay, as well as to provide an additional means of payment in the event of crisis or war," she said.

The transition towards digital payments has been faster in Sweden than in most other countries.

(Reporting by Anna Ringstrom, editing by Louise Rasmussen)

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