Could cryptocurrencies replace cash in Sweden?
A recent report released by the New York Times shows that Sweden is heading toward a paperless economy, with some speculating that cryptocurrencies may take its place.
According to the report, half of the nation’s retailers expect to stop accepting bills by 2025. This comes at no surprise as a study released by ING identifies that one in five people in Europe say that they rarely carry paper money. The rate at which the change is occurring is leaving Sweden’s government scrambling to answer what societal or economic effects such a change could cause.
Despite the small market for crypto in the region, Sweden’s central bank has begun tests on their own digital currency called e-krona. Although still in its early stages, many are eager to see what aspects the currency may introduce to Sweden’s cryptocurrency market.
Sweden seems to be following the trails of Japan and South Korea, which throughout the past years have also reported a large decline in the use of paper money. The difference is that Sweden’s crypto market pales in comparison to the other two. Will the further decline of paper money cause Swedish retailers to adopt a broader cryptocurrency market?