Norway Likes neither Cash or Bitcoin

Norway is ahead of the game when it comes to things like work-life balance and raising children. You can add to that commerce: Norway is the world’s most cashless country, according to its central bank, with just 4% of their payments made with cash and the majority made with contactless cards or digital wallets.

But even with this forward-thinking behavior, the country’s central bank is not recommending bitcoin as an alternative to fiat, or government-backed currency, because it’s “far too resource-intensive, far too costly and most importantly, it doesn’t preserve stability,” Oystein Olsen, the governor of Norges Bank, told Bloomberg.

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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.

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