Sweden is one of the most nearly cashless countries on earth, and it now has a law to keep cash from extinction.
The law, which went into effect January 1, requires banks to continue to provide cash services, especially in sparsely-populated areas. It requires banks with over 70 billion kronor in deposits to offer cash services across the country.
Banks in Sweden have steadily reduced the number of cash machines and branches, especially in rural areas. An estimated 280,000 Swedes live 20km or more from a place to deposit cash; 64,000 need to drive that far to get any—and the numbers are growing.
Aside from accommodating poor people without access to credit and older customers who are still fond of coins and notes, the Swedish Civil Contingencies Agency is worried that the country could easily be paralyzed in a natural disaster or invasion, since an internet collapse could make all payments impossible.
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