Albania Goes Cashless by 2030

In a move that could redefine financial norms, Albanian Prime Minister Edi Rama has unveiled an ambitious plan to eliminate cash by 2030, aiming to transform Albania into the world’s first fully cashless society, reports Politico. The initiative targets the country’s vast informal economy—estimated to account for up to 50% of GDP—and seeks to boost transparency, tax revenues, and EU integration.

Yet, the road ahead is steep. Albanians remain deeply skeptical of banks, scarred by the 1997 pyramid scheme collapse that wiped out life savings and triggered national unrest. Today, fewer than half of Albanians have bank accounts, and digital payments are rare outside major retailers.

To overcome these hurdles, the government plans to cap cash transactions, integrate with the EU’s SEPA system, and roll out instant payments. But critics argue the strategy is heavy-handed. Opposition figures liken it to “killing chickens with artillery,” warning of threats to personal freedom and questioning its effectiveness against money laundering.

The success of Rama’s vision hinges on building trust, reducing banking costs, and offering inclusive digital infrastructure. Without these, Albania’s cashless dream may remain just that—a dream.