Next Big Crypto Market? Cash is Rapidly Disappearing in Sweden

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Half of Sweden’s retailers predict that the country will stop
accepting cash by the end of 2025, the New York Times reported .

Sveriges Riksbank, the central bank of the country, is already
testing a digital currency called the e-krona. Could the declining
usage of cash in Sweden lead to a potent market for crypto?
Preparing For a Cashless Society

Commercial banks, businesses, and individuals in Sweden are
preparing for the creation of a completely cashless society within
the next decade.

Stefan Ingves, the governor of Riksbank, said:
“When you are where we are, it would be wrong to sit
back with our arms crossed, doing nothing, and then just
take note of the fact that cash has disappeared. You
can’t turn back time, but you do have to find a way to
deal with change.”

The country and its government are well aware that cash is
disappearing from society and the trend is irreversible. The
inefficiency of cash has led the majority of the businesses and
individuals in the region to switch to digital alternatives.
A few thousand people went as far as to implant microchips in
their hands to pay for food and transportation with a gesture.

The declining usage of cash in Sweden represents a positive trend
that the government has encouraged for many years. But, local
authorities did not expect the general population to move on from
cash to more practical alternatives at such a rapid rate.

Mats Dillén, the head of a Swedish Parliament committee, told the
New York Times that the disappearance of cash from the society
will inevitably cause major implications for the economy and the
country has to be ready for what comes next.

“We need to pause and think about whether this is good or bad,
and not just sit back and let it happen If cash disappears, that
would be a big change, with major implications for society and the
economy.”

Countries in Asia including Japan, South Korea, and China are
undergoing a similar trend. China, in particular, has seen a surge
in the usage of digital payment networks as a growing number of
individuals have started to rely on mobile applications like AliPay,
which is now valued at over $150 billion, to pay for necessities
and receive monthly compensation from companies.

Japan and South Korea are Examples
The declining usage of cash in Japan and South Korea has
naturally translated to an increase in demand for decentralized
currencies like Bitcoin and Ethereum .
The two countries became the second and third largest
cryptocurrency markets in the world behind the U.S., with large-
scale cryptocurrency exchanges like Upbit, Bithumb, and bitFlyer
dominating the global digital asset market.

Sweden remains a relatively small market for crypto, possibly
because centralized payment networks are more efficient and
practical for daily use. Merchant adoption remains as one of the
weaknesses of decentralized currencies and centralized
alternatives are still easier to utilize to deal with both offline and
online merchants.
As cryptocurrency secures mainstream awareness and eventually
adoption, Sweden could become a prime market for cryptocurrency
users and investors, if supported by the government and favorable
regulations.

Source : https://www.ccn.com