INSUBCONTINENT EXCLUSIVE:
The Ukraine-Russia War has shaken up the world in many ways
For the Nordic countries, two of which share borders with Russia (Finland and Norway), a military invasion is no longer unthinkable
worried about hybrid warfare attacks from Russia, including cyberwarfare
This can take down critical infrastructure like power grids on which digital payment networks depend
initiative because their centralized implementation of the concept is too fragile
ButerinThe payments market in Sweden is almost entirely digital
natural disasters as well as terrorist acts and foreign military interventions.One response to this vulnerability would be to develop an
Is offline electronic cash technically feasible? Is the necessary hardware at hand? If so, how long before a solution can be implemented at
Set aside cash for emergencySweden, together with Norway, has the lowest amount of cash in circulation as a share of GDP in the world,
But the Swedish government never had an explicit strategy to become cashless, Jonas Hedman, a professor in the Department of Digitalization
away from cash in favor of much more convenient digitized forms of exchange, but now, according to Hedman:Due to the Russian invasion of
Ukraine, people have begun to keep more cash for a potential crisis
In addition, the government and the Riksbank have encouraged people to have cash on hand in case of emergency.Offline e-payments an
The Bank of England and the European Central Bank are also exploring offline e-cash options, Rohan Grey, assistant professor at Willamette
University College of Law, told Cointelegraph, while Visa and Mastercard have been looking at an offline electronic cash alternative for
China has developed a SIM card hardware wallet that supports offline digital yuan payments.China has many rural communities without easy
significant impact on critical infrastructure, including the internet and the industries that rely on it, such as banking and financial
Cointelegraph, adding:This possibility makes the role of offline transaction capability an absolute necessity and not just a matter of
crypto developers, explained Finlow-Bates
own it at a time? That is the core problem when designing and implementing offline digital cash.Nakamoto solved the problem with
Kalash agreed that blockchain could help
pre-authorize or pre-mint balances and credentials when a user is online and then allow secure, offline transactions through cryptographic
proofs.These offline transactions would probably be validated locally and then broadcast later to the blockchain when connectivity returned,
could be rethinking its cashless society
A significant portion of people in Sweden still depend on cash, and their plight worsens when public transport, stores and services do not
The technology became available, and people just took advantage of it
for a crypto-funded retirement
