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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.
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.