More than 4,000 Swedes have implanted microchips in their hands, allowing them to pay for rail travel and food, or enter keyless offices, with a wave.
Credit: Loulou d’Aki/ New York Times
Few countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so quickly — with half the nation’s retailers predicting they will stop accepting bills before 2025 — that the government is recalculating the societal costs of a cash-free future.
The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency — an e-krona — to keep firm control of the money supply. Lawmakers are exploring the fate of online payments and bank accounts if an electrical grid fails or servers are […]
Remote Viewing the Year 2060
Still wondering what happens when we turn total control of our finances over to banks. Thus far, I have yet to see 100% enlightened people and institutions in the banking world. AND in the US, banking regulations are overseen by Congress, which has abandonded oversight. That possiblitiy is always out there. For the most part, corporations and investment institutions have yet to demonstrate they are free of corruption and greed.
As a culture, the Swedes tend toward being a culture of well being, and have mostly demonstrated they understand and act on the principle of social support for all is vital. As a culture, the Chinese tend to follow govt. leadership (do they have any real choice?). This is likely prevalent with seniors. And I suspect many genx, millennials are often tech savvy and know how to circumvent govt. control over their finances. The potentially have money outside China.