Sweden Considers Bitcoin as it Goes Cashless

As the nations of the world increasingly look to rope in more people into the formal economy, a move towards a cashless economic and financial system seem to be the most plausible and cogent option being adopted.

As things stand, Bitcoin is the easiest go-to solution for a nation to adopt in venturing a cashless economy with as little cost of migration as possible. Even though Bitcoin provides anonymity to users since wallet cannot be traced to individual identities, the Swedish government is open to making use of the cryptocurrency blockchain as its medium for a cashless economy. They are of the view that they can put in work to make people accountable despite the anonymous nature of transactions.

A section of Sweden’s financial institutions have said that it is expensive creating “cash”. The requirements of creating physical currency are quite enormous since it requires labor and raw materials.  They believe that Sweden can be saving a lot of money by going cashless since the cost of printing cash and minting physical coins will be eliminated. Sweden is already actively pursuing a cashless agenda with 900 of its 1600 banks no longer storing cash or accepting cash deposits.

Sweden is opting for Bitcoin because the technology already exists and it is accessible to the public. So instead of creating a new sovereign digital currency, they have chosen to go with Bitcoin to save money and time.

The disappearance of physical currency is already underway. The government of Denmark on its part has already released a statement stating that the country is to go completely cashless by the year 2030. This seems to actually be the trend with most Scandinavian countries. And since the value of Bitcoin and cryptocurrencies in general is strongly driven by acceptance and usage, the increased adoption will only see the price values increase.

Comments