Sweden – Legislation needed to protect the status of cash. The proposal is that retailers selling food and pharmacy products should be obliged to accept cash.

Cash usage in Sweden has been declining for a long time. The digitalisation of the payments market is occurring worldwide but it has moved faster here than in most other countries. At a seminar in the Riksdag (the Swedish parliament), Deputy Governor Aino Bunge emphasised the need for regulation to protect the status of cash.

The digitalisation of the payments market has helped make payments faster and more convenient for most people. 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.

In December last year, an inquiry into cash was presented, which included proposals that retailers selling food and pharmacy products should be obliged to accept cash. At today’s seminar, organised by the pressure group Kontantupproret, Aino Bunge commented on the inquiry’s proposals:

„The Riksbank has long taken the view that shops selling essential goods should be obliged to accept cash. It is therefore very positive that the inquiry presents proposals that are in line with this.„

The report also suggests that measures need to be taken to safeguard the underlying cash infrastructure, something that the Riksbank highlighted in a letter to the inquiry last autumn.

„The infrastructure is vulnerable, particularly with regard to the transport of cash to and from businesses. It is therefore positive that the inquiry recognises the need to safeguard it. A well-functioning infrastructure is a prerequisite for us to be able to continue using cash,” said Bunge.

Bunge concluded by adding that the Riksbank looks forward to returning with a comprehensive response to the inquiry in the event of a consultation procedure.