Sweden is fast becoming the world’s first cashless society. Whilst many herald this as a new progressive frontier, it does bring concerns such as privacy when every transaction you make is surveilled. Bitcoin could be the answer as it brings the anonymity of the traditional cash system.
Companies make no profit from the use of cash as it lacks harvestable personal data and it has to be physically managed. The consequence is a drive for cashlessness, and Sweden is leading the way. 900 of Sweden’s 1,600 bank branches no longer store cash, and they will not accept cash deposits. There is a decrease in the number of ATMs, and the circulation of the Swedish krona fell from 106bn in 2009 to 60bn in 2016.
“I don’t use cash any more, for anything. You just don’t need it. Shops don’t want it; lots of banks don’t even have it. Even for a candy bar or a paper, you use a card or phone.” said Louise Henriksson, a teaching assistant.
The situation has left Sweden’s central banks, such as Riksbank, wondering if the country should introduce a digital form …
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Source: Komodo news feed