Cashing Out? Sweden Phasing out Physical Currency

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Sweden, the first European nation to introduce bank notes, is moving toward a cashless society.

Some experts believe that within 20 years coins and cash will cease to exist there. Many people in Sweden are already using less cash.

"I can't see why we should be printing bank notes at all anymore," said Bjoern Ulvaeus, former member of 1970s pop group ABBA.

In many Swedish cities, public buses don't accept coins or bills. And some businesses and bank offices only operate through electronic transactions.

Even churches are moving away from cash, with some installing card readers so attendees can make an offering electronically.

"People came up to me several times and said they didn't have cash but would still like to donate money," Johan Tyrberg, a vicar at Carl Gustaf Church, said.

Currently, bills and coins make up about 3 percent of the Swedish economy.

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