Will Sweden Become the World’s First Cashless Society?

Cecilia Skingsley, deputy governor of the Swedish central bank, the Riksbank, suggested that the move to go cashless has not been strategic. There was no major push from the Riksbank or legislators to bring it about. Rather, rapid technological changes are driving the move to a cash-free society in Sweden.

That progression may be taking hold at a faster rate than is comfortable. In October, the Riksbank commented on a need for banks to continue to facilitate cash. Central bank governor Stefan Ingves stated:

“It is our opinion that all banks and other credit institutions that offer payment accounts shall be obliged to handle cash.”