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In Sweden people are getting concerned about the shift towards a cashless society





In Sweden people are getting concerned about the shift towards a cashless society
Few countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so quickly – with half the nation's retailers predicting they will stop accepting bills before 2025 – that the government is recalculating the societal costs of a cash-free future. The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency – an e-krona – to keep firm control of the money supply. Lawmakers are exploring the fate of online payments and bank accounts if an electrical grid fails or servers are thwarted by power failures, hackers or even war.

"When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared," said Stefan Ingves, the governor of Sweden's central bank, known as the Riksbank. "You can't turn back time, but you do have to find a way to deal with change."

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view









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