Economic crises, geopolitical instability: Why cash is worth protecting  

Global political instability is turning the cashless society debate on its head. Exemplified by Sweden’s rethinking of its cashless policies as a direct response to the growing Russian threat, cash has shown that it can provide peace of mind in troubling time. This is just one of the many reasons it is worth safeguarding, writes Bob Sinner. 

As the global geopolitical landscape grows increasingly volatile, the question of how societies protect themselves both financially and structurally has taken on new urgency.  Russia continues its aggressive invasion of Ukraine, Israel continues its blockade of Gaza that has caused an immense humanitarian crises, India and Pakistan are at loggerheads, China still has its eyes on Taiwan… Amid these seemingly never-ending threats of conflict, as well as natural disasters, and technological vulnerabilities, one seemingly outdated tool of daily economics has shown remarkable staying power: cash. 

Across Europe, governments and institutions are beginning to reconsider their assumptions about going fully cashless. Countries once hailed as pioneers of the digital payment revolution—such as Sweden and Norway—have begun recalibrating, prompted by real-world threats and the growing realisation that resilience in a crisis cannot rest solely on technology. 

A Nordic recalibration 

For years, Sweden led the global charge toward a cashless future. By 2022, cash accounted for less than 10% of all payments in the country. Yet, that same year, Sweden’s Civil Contingencies Agency (MSB) distributed a crisis preparedness guide, “If Crisis or War Comes”, advising citizens to keep cash at home in case of system failures. The brochure explicitly mentions the need for citizens to be able to purchase food, fuel, and essentials without relying on card terminals or apps. “If you can pay in several different ways, you strengthen your preparedness,” it states. "In serious crises or war, digital payment systems can be disrupted. Have cash available to be able to buy food and other essentials."

Norway followed with even more decisive action. In 2024, it passed legislation requiring all retailers to accept cash. The law came after growing concern about digital vulnerabilities, especially following suspected Russian cyberattacks in the region. Norwegian Justice Minister Emilie Enger Mehl was candid about the move: “If no one pays with cash and no one accepts cash, cash will no longer be a real emergency solution once the crisis is upon us.” 

These developments are more than just policy reversals; they are formidable signals to the rest of the world. Even digital trailblazers are admitting that resilience requires fallback mechanisms. And the most proven of them all? Physical cash. 

EU cash in survival kits 

This thinking has now reached the EU level. In April 2025, the European Commission advised all citizens to include physical cash in emergency kits. The recommendation forms part of the Union’s broader “Preparedness Union” strategy, introduced after the COVID-19 pandemic, energy shocks, and the Ukraine conflict exposed deep vulnerabilities across Europe. 

The Commission’s advice is clear: emergency kits should contain enough supplies for survival for at least 72 hours, including enough cash on hand to cover essential expenses for at least a week, typically a few hundred euros. “We must prepare for large-scale, cross-sectoral incidents and crises, including the possibility of armed aggression, affecting one or more member states,” the document states.“We are saying to member states: 72 hours of self-sufficiency is what we recommend,” Hadja Lahbib (pictured), the European commissioner for preparedness and crisis management, told reporters. 

Other nations have issued similar advisories. In Germany, the Federal Office of Civil Protection recommends cash as part of every emergency plan. In Austria, national disaster response protocols instruct households to stock physical currency alongside food, water, and medicine. These policies reflect a growing consensus: when digital systems go down, cash keeps communities functioning. Indeed, firms like Giesecke+Devrient (G+D) have put in place robust pro-cash policies to answer such demand from European legislators. 

According to a study by CashEssentials, a think tank dedicated to payment system resilience, cash is the only means of payment that works without infrastructure: no electricity, no internet, no intermediaries. During crises, that matters. 

Guardians of resilience 

This continued importance of cash is why European central banks are turning to real experts in banknote production. Denmark, for example, enlisted the help of European and global benchmark in banknote printing: Oberthur Fiduciaire. The firm is a global leader in the design and production of secure banknotes. Under the leadership of Thomas Savare, it has remained committed to innovation, security, and the long-term relevance of physical currency. 

In a wide-ranging interview with Politique Internationale, Savare argued that “cash is a timeless concept.” He added: “History shows that in periods of crisis, cash is perceived as even more of a refuge than usual; it’s a form of value protection, at a time when a degree of mistrust can set in towards a banking system perceived to be vulnerable.” 

While many companies in the financial sector pivoted to digital-only models, Oberthur Fiduciaire has doubled down on the craft of secure printing, all while ensuring that banknotes remain tamper-proof, counterfeit-resistant, and adaptable to regional needs. Today, the company serves more than 70 central banks worldwide, making it a true global reference in the field. 

Though the firm rarely seeks the spotlight, its mission to uphold the integrity and trustworthiness of cash has never been more relevant. In fact, its continued success is a silent testament to the world’s underlying reliance on secure physical currency, especially when resilience, not convenience, becomes the priority. 

Cash as choice, autonomy, and security 

Cash is not only a technical fallback, it is also considered a matter of choice and control. Unlike digital payments, it leaves no data trail. It does not require permission. And it functions offline, anonymously, and equally for everyone. 

In Ukraine, electronic payments systems have been known to be disrupted by the ongoing conflict, leaving cash often the only viable means of exchange. In Lebanon, amid ongoing financial collapse and digital banking failures, cash is not just preferred, it’s essential. Even in high-tech economies like Japan, cash usage remains very high, largely due to earthquake preparedness protocols that assume power and telecom failures. 

In 2023, a major cloud service outage in Europe disabled tens of thousands of payment terminals for hours. Retailers were unable to process card or phone payments. For those carrying cash, life continued with little disruption. For others, basic purchases were impossible. “There will always be outages,” said Ron Delnevo, the chair of the Payment Choice Alliance (PCA), which campaigns against the move towards a cashless society,. “But if there is no alternative, then the whole thing can collapse around you.” 

The World Bank has repeatedly emphasized that cash remains the most inclusive payment form, especially in low-income and rural communities. Removing access to cash, even gradually, risks alienating segments of the population. This is particularly true of the elderly, the unbanked, and those in regions prone to digital blackouts. 

Indeed, far from becoming obsolete, cash is proving to be one of the most reliable tools in a society’s arsenal against disruption. From cybersecurity threats to climate-induced disasters, from authoritarian crackdowns to banking collapses, physical currency continues to provide stability where digital systems often falter. The tactical wisdom of maintaining cash infrastructure, both at a national and personal level, is increasingly hard to deny. For governments, ensuring access to cash is a matter of strategic foresight. For individuals, it may be the simplest yet most powerful act of preparedness in an uncertain world. 

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