Sweden Poised to Become Leading Scandinavian Cashless Society through Bitcoin

Read more on this subject: Sweden
News Story Source: https://cointelegraph.com
Sweden is fast-moving to follow through on its plans to become the world's first cashless society.

While this is seen as a good sign for digital currencies on a new progressive frontier, it brings issues, such as privacy concerns, when every transaction is surveyed. Nevertheless, the country is still rooting for Bitcoin as the answer to provide anonymity similar to the traditional cash system.

Potential profits in cashless

As seen by many of Sweden's financial institutions, companies make no profit from the use of cash, as it lacks harvestable personal data and it has to be physically managed. Due to this problem, finance is potentially changing to cashless transactions, with Sweden leading the way.

Reports show that 900 of Sweden's 1,600 bank branches no longer store cash, and they will no longer accept cash deposits. There is a gradual decrease in numbers of ATMs, and the circulation of the Swedish krona fell from 106 bln in 2009 to 60 bln in 2016.

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