Cash is very important for all countries because it’s something that makes the economy improve by having more liquidity and economic movements. And few countries are currently victims of this phenomenon.
Sweden is one of them. But this has been a project that’s being carried out by the government of this country, to eliminate cash completely and even stop accepting invoices before 2025. Discover some things Sweden has to say before cash disappears:
Financial authorities were the ones to accept this trend to apply zero cash. But now, they are requesting to stop and reissue bills and coins to circulate in the country, because they need to make an in-depth analysis of how it can affect society not to pay in cash and even how it can affect consumption and trade in general.
Sweden, approved an e-krona virtual currency, in order to strengthen the lack of cash, and it can have more value in the monetary world. Legislative measures are even being applied to make virtual payments through this currency.
Some of the applicable measures the Swedish government has implemented in addition to the virtual currency, are digital tools to have better management in society with the help of advanced technology. One of them has been microchips, which are used to pay almost daily things, like public transportation or food, putting them in a lot of parts of the country for people who read and accepted this new modality.
This trend has also been very costly to apply, because of the amount of money that had to be invested for years to create it and develop it. Especially the technological measures. And even now, more things are being created to avoid using cash.
One of the disadvantages of this is that there is a part of the population that is affected by the lack of cash, which are the elders, especially retirees, immigrants and people with disabilities.
Having cash means moving easier, without so many complications and by implementing technological measures, not everyone will be able to handle it, as in the case of retirees, or there will be people who could not have the possibility of accessing them, as it is the case of immigrants.
Consequences in the future
If society doesn’t depend on cash, it means that commercial banks will have more control and it can affect the sovereignty of the state, or can play against it in different negotiations related to foreign trade.
Some people have come out to protest against these economic measures that are being applied. One of them was the Swedish Pensioners’ Association, since they consider that it affects them.
Many people still don’t get used to technological advances, and they are some of them, so they now have to use cell phones, iPads or computers to pay for something when they could simply pay with cash and that’s it.
Sweden is getting used to the phenomenon of zero cash, and even for some time has stopped taking money from the ATM. But, this trend is expected to be a project that won’t have a negative impact on the future of the Swedish economy by weakening the country or affecting the citizens.