Sweden’s Move Away From Cash Accelerating

TruNews – February 19, 2018

Central bank officials in Sweden are growing increasingly concerned about the population’s accelerating move away from paper currency, which could result in an economic collapse.

“No Cash Accepted” signs are popping up all over the Scandinavian country, prompting a review of the country’s banking regulations. The overriding concern is that if the move to a cashless society happens too quickly, it could lead to a catastrophic economic collapse.

Sweden was already drifting away from paper currency, and in fact most bank branches don’t even handle cash at all. But now, many businesses will only accept debit cards or mobile payment systems, which is seen as detrimental to the poor and elderly, many of whom do not have access to new financial technology.

Cash circulation in Sweden, regarded by a majority of analysts as the most cashless economy on the planet, has dropped to the lowest levels in nearly 30 years following back-to-back years with the steepest declines in cash use.