BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

Cashless society, negative interest rates and hyperinflation – part 2

Sunday the 24th of June 2018
Imagine a country in which banks hold virtually no cash at all. A country where if you walk into a bank branch, the clerk won’t be able to help you make a deposit. A country where there’s a good chance that if you grabbed a wad of cash and walked into an electronics store or a major nightclub, they wouldn’t be able to assist you in buying a new computer, nor get your drink on.



Welcome to Sweden, the land of virtual cashlessness! Although the Swedish Riksbank recently launched a full array of new and very colorful bills featuring celebrities such as famous children's book author Astrid Lindgren and film director Ingmar Bergman, cash usage in Sweden is in absolute freefall, down from SEK 100 billion in 2010 to SEK 70 billion in 2015. Several factors combined has led to this development.

  • Since many years, most Swedes above age 16 use a VISA, Master or Maestro debit card to settle payments, even for smaller sums below $10.

  • Sweden is, and has for many years been, in the forefront in both developing and adapting new IT technology and early became one of the most mobile phone dense countries in the world, with upwards of 60% of the Swedish population owning a mobile phone as early as 1999. 

  • The Swedes willingness to adapt new technology is evident from the proliferation of... Continue Reading
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