Ethereum Cofounder Vitalik Buterin Sees Opportunity as Sweden and Norway Ditch Cashless Aspirations
Vitalik Buterin suggests that Ethereum (ETH) could serve as a viable alternative to cash in Sweden and Norway, which are reconsidering their cashless society initiatives due to vulnerabilities in centralized payment systems. Both countries have recognized the necessity of cash as a backup following infrastructure failures highlighted by geopolitical events. Buterin emphasizes that Ethereum must be resilient and private to fulfill this role effectively. While decentralized finance (DeFi) protocols are designed for resilience, challenges remain regarding offline functionality, as Ethereum requires electricity and internet access. Zero-knowledge proofs could enable offline payments, but they depend on trusted hardware. Stablecoins, pegged to fiat currencies, are also seen as potential solutions, though they face resilience and privacy concerns. Experts agree that significant advancements are needed for Ethereum to practically replace cash transactions in crisis scenarios.
