Cashing Out? Sweden Phasing out Physical Currency

Ad Feedback

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.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

 CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.