The Swedish central bank – Rikisbank – started a campaign to defend its “product” – paper money. The institution wants to force the government to make all commercial banks have an obligation to accept cash. Its representatives also want to identify entities that will not be able to refuse to accept such a payment method.
Sweden has so far been one of the most progressive countries in the history of mankind in the history of mankind. “Sweden has become the European cradle of paper money,” reads the bank’s website. Not only that, for several years it has also been said that the Scandinavians will eliminate the cash and thus they will become global pioneers in this area. This is confirmed by numbers. Over the last 8 years, the share of retail transactions concluded with “ordinary” money fell from 40 percent. up to 13 percent It can be calculated that by 2030 Sweden can become the world’s first non-cash country.
We will not give up without a fight!
However, the central bank of this country will not give up without a fight. In June this year The Riksbank Committee has prepared a special report on the problem of safe access to cash. It contained a thesis that the majority of large banking institutions would be obliged to service cash transactions.
On October 22, 2018 Riksbank published the answer to ideas prepared by his specialists. The institution now expects to have regulations protecting cash. He wants creation of an order to service cash transactions for institutions offering payment accounts. The document says:
“This obligation should be treated as part of a license to run a business. Customers expect the institutions to take it on their shoulders. It can also be treated as an honest reciprocation of the privileges enjoyed by the banking sector – a government security network that protects credit institutions facing financial problems. ”
The central bank also wants to create the status of currency as a legal tender. “Appropriate measures should be taken so that entities important from the point of view of public interest have an obligation to accept cash” – he emphasized.
Rikisbank also cares about less technologically advanced citizens:
“There are social groups that face problems due to withdrawal of cash payments, because it is difficult for them to get accustomed to digital payment methods for one reason or another. This group includes: older people, people with disabilities and those who for various reasons do not have access to payment methods other than cash. As we can not expect the private sector to take care of these people, then the country should take that responsibility on itself. ”
However, it stands in opposition to the position of the authorities that want to create the Digital Crown. This electronic currency would also become the main currency of the country. The pilot program of the project is to start in 2019.
E-Korona is to be centralized, i.e. controlled by the Central Bank and covered in the fiat currency – the Swedish Crown. Technologically, it is to be based on the IOTA tangle network.