Digital Cash Is Analog Doom

Why Sweden’s cashless society is no longer a utopia

The Swedish retail payment market is rapidly moving away from using cash. The outstanding value of cash in circulation has dropped to 1% of Swedish GDP. This development raises some crucial issues regarding the state’s role in the payment market.

For hundreds of years, the public has been offered central bank notes and coins. If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods. It would be a historical change without precedence. The central bank of Sweden, the Riksbank, is therefore investigating the potential consequences of this change, including how to design a central bank digital currency, called the e-krona. But what is the e-krona exactly?

Boldfaced emphasis added by me.

Who wants to rely on the private sector for money? Show of hands. You’d trust Apple, Amazon, Google, Facebook, for god’s sake, for what’s basically your lifeblood, the ability to buy food?

And don’t go all wonk on me and point out that, for example, American currency was once issued by banks, not the government. Really, you’d want the same bastards who blew up the world economy more than once to have that power again?

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