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Sweden Tries To Halt Its March To Total Cashlessness (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: A key committee of Swedish lawmakers wants to force the country's biggest banks to handle cash in an effort to halt the nation's march toward complete cashlessness. Parliament's Riksbank committee, which is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor ($8 billion) in deposits from the Swedish public, according to a report.
The lawmakers said there needs to be "reasonable access to those services in all of Sweden," and that 99 percent of Swedes should have a maximum distance of 25 kilometers (16 miles) to the nearest cash withdrawal. The requirement doesn't state how banks should offer those services, and lenders can choose whether to use a third party, machines or over-the-counter services. The move is a response to Sweden's rapid transformation as it becomes one of the most cashless societies in the world. That's led to concerns that some people are finding it increasingly difficult to cope without access to mobile phones or bank cards. There are also fears around what would happen if the digital payments systems suddenly crashed.
The lawmakers said there needs to be "reasonable access to those services in all of Sweden," and that 99 percent of Swedes should have a maximum distance of 25 kilometers (16 miles) to the nearest cash withdrawal. The requirement doesn't state how banks should offer those services, and lenders can choose whether to use a third party, machines or over-the-counter services. The move is a response to Sweden's rapid transformation as it becomes one of the most cashless societies in the world. That's led to concerns that some people are finding it increasingly difficult to cope without access to mobile phones or bank cards. There are also fears around what would happen if the digital payments systems suddenly crashed.
You are ruining this site, you fucking ignorant asshole. Try a fucking search engine, instead of sperging the fuck out, per usual.
An average person in Sweden should be expected to be able to legally open and use a bank account?
Including an average child?
So every bank account would be connected to a real Swedish citizen. A person allowed to be in Sweden who has the correct ID.
In addition to Swedish citizens, "persons allowed to be in Sweden" include citizens of other EU countries and immigrants on a work visa.
No low amount of spending would be blocked.
Good luck with that when both the EFT and credit networks charge several cents per transaction.
Is Sweden expecting the lack of grid power?
This can happen and has happened.
Please google Digital Equipment Corporation.
Only the State obtains its revenue by coercion. - Murray Rothbard
I still see the DEC logo (hint, it's the one that says "digital").
How do prostitutes handle a cashless economy?
In civilised countries where we don't bother criminalising prositutes, they accept electronic payments like any other business.
I suspect you are confusing the US with a modern country.
The government to see if the money is getting spent legally.
Cash acts as a check on the government's power to shrink over time the set of things on which money can be "spent legally." With the threat of a black market eliminated, what keeps countries from adding 666% more totalitarian restrictions on what can be bought and sold?
In addition, even without electronic payment countries can restrict and have restricted what each part of a paycheck can be used for: see Cuban convertible and non-convertible pesos. That's as if the vast majority of most people's paycheck was paid in scrip (like food stamps) instead of dollars. A shift to completely electronic payment would give the government even more fine-grained (read: intrusive) control over private citizens' private lives. Why is this outcome desirable?
Let me endeavour to ameliorate your ignorance just a bit with a few fun facts about Norway:
North to south, Norway's about 1200 miles long--roughly the same distance as from NYC to Key West.
It's almost all rugged mountains and ragged coast. (Unlike the US East Coast, which is generally pretty flat going hundreds of miles inland.)
Roughly half the country lies above the Arctic Circle. (Unlike the US East Coast, which lies entirely within the temperate zone.)
When you're speaking about building and maintaining nationwide power and transport networks, those features are *quite* significant.
Il n'y a pas de Planet B.
Let's not forget, actual physical cash is essential, in a modern society, as back-stops to underpin two of the things we tell eachother we value: privacy and freedom.
Without cash, we are forced to compromise our privacy. Want to buy a birthday gift for a loved one that cannot be traced? Want to make a donation to a cause you care about, but do so anonymously? What to give something to that homeless person so they can get a hot meal? You need cash for all of these things.
Without cash, we are forced to compromise our freedom. [ And yes, I know this is a large chunk of "The Net", but it doesn't make it less true]. Want to be able to function in the face of a technological meltdown at your bank? [ Just look at what has just been happening to TSB customers in the UK recently ].
Any attempt to take away cash is an attempt to take away both privacy and freedom. It is the beginning of a slippery slope that leads to a very dark place indeed...
Err....something like CASH?
Light travels faster than sound. This is why some people appear bright until you hear them speak.........
That touches on my main worry about cashless: power concentration. You don't feel it until a bit later when this concentrated power decides to use it . - Let's introduce negative interest rates - from now on we don't want you to pay to fund organisations of type X - from now on it is impossible to do trade with person Y
Checks and balances, there's a reason for it.
Yes, and these reasons are why, once you go cashless, they have you by the balls. No more private or anonymous transactions. You will be forced to keep your money in the bank; where else could it be? There will be a record of every transaction; data mining on steroids. Unfortunately, most people only see the convenience, and don't have the foresight or imagination to understand all of the implications.
"What the American public doesn't know is what makes them the American public." -Ray Zalinsky (Tommy Boy)