Sweden to Become World’s First Cashless Country

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A study by the KTH Royal Institute of Technology in Stockholm shows that Sweden is on track to become the world’s first cashless country. Today, five of six major banks in Sweden are already refusing to operate with cash. As a result, and considering the latest Tax Authority guidelines, Bitcoin has the potential to become a commonly used currency in Sweden. Fully digital People are becoming increasingly accustomed to using bank cards to pay even for the smallest purchases in Sweden with four out of five purchases made electronically. Now, with the increasing penetration of mobile and P2P payment systems, the necessity to use cash is quickly becoming obsolete. Niklas Arvidsson, a researcher in industrial economics and management at KTH, stated: “Cash is still an important means of payment in many countries’ markets, but that no longer applies here in Sweden.” Moreover, the recent launch of mobile payment app Swish from several major Swedish and Danish banks is already revolutionizing the local banking system, says Arvidsson. As a result, several major banks are refusing to accept cash at all. According to Arvidsson, there are less than 80 billion Swedish crowns in circulation (about EUR8 billion) and out of that amount, …