Sweden’s rapidly disappearing cash is actually a problem, says, said Mats Dillen, the head of a parliamentary review. “If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash, he said.
“No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile.
But the pace at which cash is vanishing has authorities worried. Sweden is widely regarded as the most cashless society on the planet. Most of the country’s bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments. But there’s a downside, since many people, in particular the elderly, don’t have access to the digital world. If there isn’t enough cash in circulation, there will be challenges in maintaining the facility for the elderly and other digitally disconnected individuals to hold and us cash. They won’t even be able to shop or eat out.
“One may get into a negative spiral which can threaten the cash infrastructure,” Dillen said. “It’s those types of issues we are looking more closely at.”
Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.
An annual survey by Insight Intelligence released last month found that only 25 percent of Swedes paid in cash at least once a week in 2017, down from 63 percent just four years ago. A full 36 percent never use cash, or just pay with it once or twice a year.
In response, the central bank is considering whether there’s a need for an official form of digital currency, an e-krona. A final proposal isn’t expected until late next year, but the idea is that the e-krona would work as a complement to cash, not replace it completely.
Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. “The Riksbank is carefully analyzing this development,” Ingves said. “Overall, I think we are facing structural changes in areas that have previously been stable…”
Going cashless makes it easy for governments to impose restrictions, for banks to charge negative interest, and for limits to be placed on those who refuse to obey certain worship laws. Revelation 13:17 predicts that a time will come when no-buy, no-sell laws will be imposed on society.
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”
Source References
‘No Cash’ Signs Everywhere Has Sweden Worried It’s Gone Too Far