Sweden Needs Legislation to Protect Cash, Says Riksbank
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)
