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Cash is Rapidly Disappearing in Sweden

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interesting. This was discussed for the UK by carney (here https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/the-future-of-money-speech-by-mark-carney.pdf) which shows the opposite. It's a  nice title for the internet for sure, and I know as a Londoner I never use cash probably less than 20 times in the last year which isn't much given how many transactions you take out on an average day!)

"The first form of money is the banknotes issued by central banks, such as the Adam Smith £20s. These account for just 3% of the stock but 40% of all consumer transactions. Next is electronic central bank money in the form of the reserves that commercial banks hold with us, including to settle transactions with one another. To note, banknotes accounted for 45% of transactions in 2015..."

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@cryptotrader,

The use of physical cash has been declining over the years and the use electronic payment including debit/credit cards and mobile payments has been increasing. The report relates to the UK but the UK is behind some of the Scandinavian countries when it comes to adopting a cashless society framework. 

Your quote has a reference (8) which is as follows:

8 The data are for 2016. To note, banknotes accounted for 45% of transactions in 2015, and as such there was a 5 percentage point fall year-on-year which may be related to increased use of cards and online payments.

I am not so sure how much I trust Mark Carney. Obviously if Cryptocurrencies became mainstream his views and his worth could possibly become redundant. We are only at the beginning cycle of Cryptocurrencies and are many years away from mainstream adoption if it will happen as it may not. The fact that Mark Carney needed to include a specific and large in proportion to the report section on Bitcoin and Cryptocurrencies shows that Central Banks and Governors are worried and this is a classic example of scaremongery and information bias. Is Mark Carney all of a sudden a Cryptocurrency expert?

I think the report discusses the issues with Bitcoin and Cryptocurrencies now which to be fair are valid points.  The scaling issues will improve going forwards and so too will transaction times. For me the use of Blockchain technology enables such transactions to be more secure and transparent and also transactions which cannot be tampered with. For audit trail purposes they are superior. Yes they still have their flaws and we are many years away from the final version but I am positive that it will come. Things have to be put into perspective and a new crypto - payment system cannot evolve overnight. It will take many years and many improvements but when it comes then it will make payment and transactions pure 'digital'. I think tokenising assets will come before this stage within the evolution of Crypto Payments.

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