Money Talk
Cash-Friendly in Cash-Free Sweden?
Submitted by NGO THANH TU, 17-06-2019, 10:37 AM, Thread ID: 134239
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17-06-2019, 10:37 AM
#1 Swedish lawmakers are considering enacting a legislation that will force banks to offer cash services to their customers. In the latest update of Swedens fight for cash, things are looking positive as cash is starting to become friendly in this cash-free society.
Sweden is often cited as being at the vanguard of the global trend towards the elimination of cash. However, cash seems to be making a surprising comeback.
Today, Swedish lawmakers are considering enacting a legislation that will force banks to offer cash services to their customers. This move was first placed on the table early last year whena proposal for reasonable, mandatory access to cashwas made.
Fast-forward to today and government will likely seek its enactment despiterejecting the Central Banks pleamade last year. ?There may be some changes, but mainly, what we proposed will be carried out theres a broad majority for this, so I expect it will happen. said key lawmaker for the ruling Social Democrats, Fredrik Olovsson.
Bloomberg reportedin March that the cabinet of Social Democrats and Greens declined to comment on the final shape of the legislation but confirmed a proposal submission to the Council on Legislation this spring before presenting it to parliament in the fall.
In 2018, theSwedish government launched a nationwide communication campaignpreparing 4.8 million households of what to do in case of crisis and advising citizens to have enough cash stashed away. But the Nordic country doesnt have to wait for a serious disaster to strike as people are already finding it difficult to cope. In March of this year,a 60-year old man demanded the right to pay cashat his local swimming pool in Sweden. The pools reception stopped taking cash payments last year after it became increasingly difficult to get change from the bank.Tourists have also been overheard complainingof the increasingly cash-free society. They were particularly unhappy about how some payment systems only worked with Swedish credit cards leaving foreign consumers with limited options.
With the struggles imposed upon people alongside the fear of a cyber crash, citizens remain hopeful that government will move forward with their decision and ensure their right to payment options.
Sweden is often cited as being at the vanguard of the global trend towards the elimination of cash. However, cash seems to be making a surprising comeback.
- In February 2018, Sveriges Riksbank Governor, Stefan Ingves, wrote an opinion piece where he expresses his concern about the way things are evolving in the payments landscape in Sweden: ?In times of crisis, the general public has always sought refuge in risk-free assets, such as cash, which are guaranteed by the state,
- In May 2018, the government distributed a pamphlet on how to prepare for war or a crisis to all households, recommending that all citizens be prepared by having enough non-perishable food stock,water, warm clothing and cash.
- Since May 2018,demand for cash is on the rise again. Sweden has seen a constant decline in the value of cash in circulation since 2008. However, quite unexpectedly, the downward trend was reversed in May and cash in circulation has been growing since.
Today, Swedish lawmakers are considering enacting a legislation that will force banks to offer cash services to their customers. This move was first placed on the table early last year whena proposal for reasonable, mandatory access to cashwas made.
Fast-forward to today and government will likely seek its enactment despiterejecting the Central Banks pleamade last year. ?There may be some changes, but mainly, what we proposed will be carried out theres a broad majority for this, so I expect it will happen. said key lawmaker for the ruling Social Democrats, Fredrik Olovsson.
Bloomberg reportedin March that the cabinet of Social Democrats and Greens declined to comment on the final shape of the legislation but confirmed a proposal submission to the Council on Legislation this spring before presenting it to parliament in the fall.
In 2018, theSwedish government launched a nationwide communication campaignpreparing 4.8 million households of what to do in case of crisis and advising citizens to have enough cash stashed away. But the Nordic country doesnt have to wait for a serious disaster to strike as people are already finding it difficult to cope. In March of this year,a 60-year old man demanded the right to pay cashat his local swimming pool in Sweden. The pools reception stopped taking cash payments last year after it became increasingly difficult to get change from the bank.Tourists have also been overheard complainingof the increasingly cash-free society. They were particularly unhappy about how some payment systems only worked with Swedish credit cards leaving foreign consumers with limited options.
With the struggles imposed upon people alongside the fear of a cyber crash, citizens remain hopeful that government will move forward with their decision and ensure their right to payment options.
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