SWEDEN WILL BE THE FIRST COUNTRY WITHOUT CASH

THE KINGDOM OF SWEDEN INTENDS TO BECOME THE FIRST COUNTRY IN THE WORLD, WITHOUT CASH

Such striking news was gladly received by the crypto currency world, but one should keep in mind that with such a step the privacy issues will come to the fore.

The Government of Sweden is going to check all transactions without exception (check, but not follow); however, the way of performing that is still a mystery. Anyway Sweden evaluates Bitcoin positively and moreover supports its development, considering the Cryptocurrency to be a direct competitor of the familiar but already outdated payments system.

THE FUTURE IS IN THE RISE OF CASHLESS PEYMENT

Sweden is leading the way in non-cash transactions. Financial and private institutions are gradually departing from working with cash, considering this type of payments to be obsolete and the one that brings no profit.

According to research, 900 out of 1,700 Swedish bank branches do not store and do not work with cash at all. The network of ATMs is also gradually decreasing. Turnover of the Swedish currency also fell from 108 billion in 2008 to 58 billion in 2016.

Currently the leading Swedish banks are taking a strong interest in promoting and eventually introduction into circulation some alternative digital monetary forms. And here Bitcoin can come into play.

PRIVACY CONCERNS

According to the analysis conducted by VISA, credit cards take the first place in among Swedes. Citizens of this country use cards more than Europeans. The Swish application, for example, is a very popular mobile application in Sweden, which transfers money from one bank account to another in real time, with the software using only the mobile phone number. The country’s main banks operate with Swish successfully.

GRADAL TRANSITION TO CASHLESS PAYMENTS

Below are opinions of Swedish citizens:

“ I just don’t need cash anymore. For shopping one need only a credit card and a phone. Some banks haven’t been working with cash for a long time already”.

“The cash is obviously dying out. Fancy a cashless society! The robbers won’t be able to sell anything stolen anymore”.

The marginalization of those who do not have a smartphone or bank account will possibly be the only drawback of non-cash payments, but these are details.

THE ROLE OF BITCOIN

The Cryptocurrency doesn’t require from the user the number of bank account and it’s possible to spend available digital funds if not fully then at least almost anonymously.

Sweden along with other Scandinavian states (Denmark and Norway) is already working hard to drop out the usage of real paper money.

Earlier the Danish Chamber of Commerce invited almost all entrepreneurs (except post, hospitals and some other municipal institutions) to conduct monetary transactions in electronic format. Denmark officially set the goal to discard paper money completely by 2030.

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