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Sweden moving towards cashless economy

cold fjord (826450) writes | more than 2 years ago

Technology 1

cold fjord (826450) writes "Sweden is rapidly moving towards a cashless economy. How will Sweden, and other countries in the future, balance efficiency, privacy, government control, and civil liberties? Or will they do all that technology allows?

Bills and coins represent only 3 percent of Sweden's economy, compared to an average of 9 percent in the eurozone and 7 percent in the U.S.,. . . The Swedish Bankers' Association says the shrinkage of the cash economy is already making an impact in crime statistics. The number of bank robberies in Sweden plunged from 110 in 2008 to 16 in 2011 — the lowest level since it started keeping records 30 years ago. It says robberies of security transports are also down. The prevalence of electronic transactions — and the digital trail they generate — also helps explain why Sweden has less of a problem with graft than countries with a stronger cash culture, such as Italy or Greece, says economics professor Friedrich Schneider of the Johannes Kepler University in Austria. The flip side is the risk of cybercrimes. According to the Swedish National Council for Crime Prevention the number of computerized fraud cases, including skimming, surged to nearly 20,000 in 2011 from 3,304 in 2000.

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Who cares? (1)

Jane Q. Public (1010737) | more than 2 years ago | (#39409907)

The faltering Swedish economy (which has been on a steady downhill slide since they adopted a more Socialist government and economy back in the 70s... just fact) is hardly one we should emulate.

Let them get rid of cash entirely. Who cares? But if you want a robust free market, you should do the opposite.
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