Jump to content
Sign in to follow this  

Cash is Rapidly Disappearing in Sweden

Recommended Posts

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..."

Share this post

Link to post


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.

Share this post

Link to post

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Our picks

    • Post in Indices
      "UK retail sales at 9:30 and US durable goods at 1:30. Strong bear day yesterday though only Nikkei tested key support levels." Stay up to date on how the indices are moving and have your say.
    • Post in Successful strategy?
      Analysis of 43 million trades by DailyFX showed that 61% of trades are actually profitable (when looking at EURUSD specifically). Read more about that and check out their Podcast here. Have any questions? Ask away.
        • Thanks
        • Like
    • Brent Crude rally ends, time for the big Bear!
      "Looks to me like my question as to whether the the 25 April turn was a rally end or a simple retrace may have been answered as Brent price dropped hard through the supporting lower channel line.  I would like to see the recent lows broken to confirm but odds are that this market is now heading down.  Could this mean that Stocks have also topped out?"
      • 5 replies
    • Post in Dax & Dow
      What are your long term opinions on market movements? "As for the Dow above 26k lets rock and roll long. Below 25k time to get more aggressively short in my eyes."
        • Like
    • Post in US 500 - Potential Shorting Opportunity
      What's your trigger for opening a trade? Discuss with others on the Community, specifically about the US500: "I think there's a potential possibility of shorting S&P 500 brewing.  I want to wait to see if the 20 MA does drop beneath the 50 MA."