There are still some people pushing for it to be illegal to be a full cashless society here in Sweden.
However; the Government is actually looking at ways to fix this, so even if it were cashless, those people who would be listed as vulnerable wouldn’t actually be so.
Surprisingly, it’s relating to blockchain technology. You can read here (in English) about the Riksbanks proposals for an e-Kroner.
Sweden already has a lot of fin tech startups, for example Klarna, iZettle, Tink, Lendify, Trustly, Billhop AB, and many others. If you’re up for a read…
So, with Sweden basically being the defacto ‘home’ of fintech, I cannot see why this couldn’t be a reality.
Nor can I see why it shouldn’t be a reality.
Especially with coronavirus, the fact that many shops (at least here in Sweden) did not accept cash due to risk of infection, there is clear evidence it can work.
It would cost less, no printing of physical money. No thefts from businesses or banks with cash registers full of cash. No risk of infection.
I managed 2 bookmakers in the UK, and some of the clientele with their… lack of hygiene, made me not want to actually take their cash, so I always used hand gel.
In conclusion here; I think it’s good to work towards a cashless society. There can’t be as flagrant disregard of tax laws without cash. There can’t be hoards of cash hidden away in mattresses from the black market, and illegal drug solicitation would have a hard time to work with the ability to track money.
I would love to hear everyone else’s thoughts.
Thanks to @Martin for bringing this conversation up!