{"id":32868,"date":"2018-03-28T06:19:19","date_gmt":"2018-03-28T11:19:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=32868"},"modified":"2018-03-28T06:19:28","modified_gmt":"2018-03-28T11:19:28","slug":"even-the-worlds-most-cashless-nation-doesnt-want-to-go-fully-cashless","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=32868","title":{"rendered":"Even the World\u2019s Most Cashless Nation Doesn\u2019t Want to Go Fully Cashless"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/wolfstreet.com\/2018\/03\/27\/even-the-worlds-most-cashless-nation-doesnt-want-to-go-fully-cashless\/\">Even the World\u2019s Most Cashless Nation Doesn\u2019t Want to Go Fully Cashless<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>It\u2019s too risky and systematically excludes the most vulnerable people.<\/strong><\/p>\n<p>There are small but growing signs that Europe\u2019s \u201cWar on Cash\u201d is not going exactly according to plan. First, a number of central bankers began voicing concerns about its potential ramifications. Now, even in Sweden, the first European country to enlist its own citizens as largely willing guinea pigs in an economic experiment \u2014 negative interest rates in a cashless society \u2014 public support is beginning to waver.<\/p>\n<p>Initially, the plan was so successful that by 2017 the amount of cash in circulation had dropped to the lowest level since 1990 and was more than 40% below its 2007 peak, earning Sweden a reputation as the world\u2019s \u201cmost cashless nation.\u201d The declines in 2016 and 2017 were the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-18\/-no-cash-signs-everywhere-has-sweden-worried-it-s-gone-too-far\" target=\"_blank\" rel=\"noopener\">biggest on record<\/a>. An annual <a title=\"Sweden pays survey\" href=\"https:\/\/www.iis.se\/docs\/sverige-betalar-2017.pdf\" target=\"_blank\" rel=\"nofollow noopener\">survey<\/a> by Insight Intelligence found that in 2017, only 25% of Swedes paid in cash at least once a week, down from 63% just four years before; and 36% never used cash at all, or just pay with it once or twice a year.<\/p>\n<p>But that doesn\u2019t mean everyone is on board. In a <a href=\"https:\/\/bankomat.se\/om-bankomat-ab\/press\/#\/publication\/5aafa7622b5e1600044e6c36\/59c3b9f4c092c50e004bb05c?&amp;sh=false\">recent survey,<\/a> an overwhelming 68% of the respondents stated that they would not like to live in a fully cashless society. The survey, commissioned by Bankomat AB, an ATM chain company representing an alliance of Swedish banks that admittedly has a vested interest in preserving cash\u2019s role as a means of payment, polled over 2,000 people aged 18-65.<\/p>\n<p>Opinions differed markedly between age groups but in no single demographic was there a majority in favor of abolishing physical currency. Among the 18-29 year old respondents 56% declared that they still want to keep cash while 38% said they would welcome a cashless society. Among the survey\u2019s oldest demographic, the 65-year-olds, 85% wanted to keep cash.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Even the World\u2019s Most Cashless Nation Doesn\u2019t Want to Go Fully Cashless It\u2019s too risky and systematically excludes the most vulnerable people. There are small but growing signs that Europe\u2019s \u201cWar on Cash\u201d is not going exactly according to plan. First, a number of central bankers began voicing concerns about its potential ramifications. Now, even [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,1034,5660,281,12394,771,4927,6118],"class_list":["post-32868","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-cashless-society","tag-don-quijones","tag-europe","tag-physical-currency","tag-sweden","tag-war-on-cash","tag-wolf-street"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32868"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32868\/revisions"}],"predecessor-version":[{"id":32869,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32868\/revisions\/32869"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}