Will Sweden be the first cashless country?


As Sweden was the first European country to use cash for payments back in 1661 it’s unsurprising that it’s the first European country that wants to be cashless. This is why, for several years, I’ve been watching the regular speeches by Lars Nyberg, Deputy Governor of the Sweden’s central bank, the Riksbank, talking about eradicating the use of cash in Sweden.February 2003Cash is still the king. Given the rapid increase in the use of cards in Sweden, particularly in the late 1990’s, cash should have been expected to fall in importance. This, however, does not seem to have happened. The use of cash, measured as the ratio of the value of currency in circulation (M0) and GDP, fell during the first half of the decade, but have been fairly constant since then, lately even increasing somewhat.


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