Sweden Cashless Society | World’s First Cashless Country

Sweden Cashless Society | World’s First Cashless Country


Sweden Cashless Society. Sweden is on track
to become the world’s first cashless society. Caleb Wright here with the latest news report
for you from What Is A Cryptocurrency dot com and the huge news today is that, for the
cryptocurrency industry is that Sweden is quickly becoming a pioneer of the global economic
community for going cashless. Recent information, according to a study from Stockholm’s KTH
Royal Institute of Technology shows that Sweden is going to become the first cashless country
in the world. 5 of it’s 6 major banks have actually started to operate completely without
cash. Refusing to work with it. A combination of this latest trend in Sweden and recent
tax authority guidelines further set the stage for bitcoin to become a commonly used currency
amongst the Swedes. In a Sweden Cashless Society, they are going 100% digital! And it’s becoming
commonplace amongst the Swedish citizens to use debit cards to pay for even the smallest
purchases. And with the current mobile and peer to peer payment platforms, the need for
physical cash has actually become obsolete really fast in Sweden. In this Sweden Cashless
Society. Research from the KTH Niklas Arvidssen says “Cash is still an important means of
payment in many countries markets, but this no longer applies here,” in the Sweden Cashless
Society. A newly launched mobile payment app, called Swish, a mobile phone application,
is revolutionizing the local banking system. The app was designed and deployed by several
major Swedish and Danish banks, and basically designed to facilitate real time bank transactions
between individuals. It’s been such a success that holders at several of the major banks
have completely stopped using physical cash. Arvidssen states that if Swish were to continue
to grow in scope to include retail and ecommerce transactions, it is likely that the country
would have to revamp its entire payment system infrastructure. He thinks this is actually
not too far out of the realm of possibility of happening. He says that the Swedes are
leading the world in cashless trading. Because basically, it’s a security measure, and a
way for them to fight terrorism. And he also states that the security around cash at banks
has tightened significantly in Sweden when they handle bank notes and coins. When a customer
brings bank notes and coins in he must explain where the cash comes from, so this can reduce
money laundering and terrorist financing. And bank employees are required to file a
police report if they witness a suspicious cash transaction. Cash is heavily scrutinized
in this new Sweden Cashless Society. Now this new Sweden Cashless Society and Bitcoin. Considering
the incredible confidence in Sweden for electronic payment solutions, Bitcoin really has a clear
opportunity to become a regularly exchanged currency among the Swedes. This would not
be a surprise considering that the recent high European court ruling that the exchange
of bitcoin is to remain exempt from Value Added Taxes. And also earlier this year, this
Sweden Cashless Society Tax Authority published new guidelines for income tax on bitcoin mining
operations. The income derived from bitcoin mining is not only to be considered ‘economic
activity’ and subject to tax if the bitcoin miner carries out the mining in a professional
manner over a longer period with appropriate equipment, or if the activity is expected
to create a surplus as measured over the full financial capitalization period, the capacity
expected to be generated, if they are expected to generate more than 25 bitcoins per year,
they will be taxed. And the only prohibited use for bitcoin is to purchase scrap metal.
Which is actually similar to how cash is prohibited to purchase scrap metal. And that is just
because they are trying to reduce people ripping off scrap metal on people’s properties. So
that is quite interesting, they are actually treating bitcoin just like cash. As well,
except they are liking to use it more because it’s digital of course. But just in terms
of the ability to track it, it’s hard to track where people are coming from when they are
ripping off scrap metal, so that is just a security measure. So as the political environment
in Sweden grows in favor of bitcoin and digital transactions, and business and entrepreneurial
growth will stem from it and it’s going to be quite an exciting time for the Swedes,
in the Sweden Cashless Society. And so I’d be keeping your eye on Sweden, as it’s going
to be influencing the rest of Scandinavia and Europe, which will probably also following
suit quite soon, I’m sure as more countries go cashless and adopt the efficiencies and
securities that Sweden has right now with this move. So Caleb Wright here from What
Is A Cryptocurrency dot com. I just wanted to bring you today’s news report on the Sweden
Cashless Society, and if you found value in this video, please leave me a comment and
share it with your network using the social media sharing buttons under this video, or
if you are at the blog post, you can use the social sharing buttons right here at the blog
post. And if you are interested in looking at more information about cryptocurrency,
you can get a FREE REPORT about the megatrend, the $87 Trillion Dollar Megatrend, that is
cryptocurrency. Just by clicking a link right underneath this Youtube video for www.digitalcurrencyfuture.com
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REPORT that will give you a series of videos which will give you the lowdown on cryptocurrency
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is the cryptocurrency industry. So again, hope you enjoyed the video, gain access to
more information using the links under the video or at the end of my blog post here,
and thank you very much for watching, have a nice day. Sweden Cashless Society News End.

Comments

  1. Post
    Author
    Jay Galvan

    I really like the idea Sweden is taking here with a cashless society. Money is kind of obsolete anyways since it's all just 0 and 1 (it's nothing but code). I feel like the Scandinavian countries have been at the forefront in a lot of areas like work hours, education and now creating a cashless society.

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    Scott Schlemmer

    Sweden is leading the way to a cashless society. In 10 years we will be mostly a cashless society around the world.

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    Daniel Luster

    It would be nice for us [as Americans] to convert over to a purely cashless society. =) If we were to become a cashless society, there wouldn't be any taxes, money laundering, nor terrorism whatsoever. =)

  8. Post
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