For the last two years we have documented the rapid ascent of Sweden’s cashless society as government’s demands for ever greater control over “you, the people’s” money combined with the ‘ease-of-use’ narrative has left many stores no longer accepting cash at all and even sparked anxiety among Swedish authorities that:
“If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash.“
Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.
But the pace at which cash is vanishing has authorities worried.
“One may get into a negative spiral which can threaten the cash infrastructure,” Mats Dillen, the head of the parliamentary review, said.
“It’s those types of issues we are looking more closely at.”
Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers.