SWEDEN - No Cash Accepted

Arno Froese

“No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile.

“If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash, said Mats Dillen, the head of the parliamentary review. He declined to give more details on the types of proposals that could be included in the report.

Sweden is widely regarded as the most cashless society on the planet. Most of the country’s bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments. But there’s a downside, since many people, in particular the elderly, don’t have access to the digital society.

An annual survey by Insight Intelligence released last month found that only 25 percent of Swedes paid in cash at least once a week in 2017, down from 63 percent just four years ago. A full 36 percent never use cash, or just pay with it once or twice a year.

In response, the central bank is considering whether there’s a need for an official form of digital currency, an e-krona. A final proposal isn’t expected until late next year, but the idea is that the e-krona would work as a complement to cash, not replace it completely.

“The Riksbank is carefully analyzing this development,” Ingves said. “Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.”

-www.bloomberg.com, 19 February 2018

Arno's commentary

If cash is eliminated, who needs a physical bank? The digital society is creating its own currency and its own bank. Because this has never happened before, experts are worried; they are afraid that structural changes could take place with no one really knowing the end result.

Speaking of so-called cash, we must realize that it’s only a printed piece of paper. People the world over place faith in the value of this piece of paper. It stands to reason that eventually the end of paper money may well be in sight. Digitalized money can be controlled more accurately and taxes due will be collected electronically. Now we are coming closer and closer to Revelation 13:17: “And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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