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In The News
   
 
 

 

In The News

 
Comment from UTT:
 
While Sweden is one of the countries in the world that is rapidly headed towards a cashless society, there are those who are concerned about how financial transactions would occur electronically in case of a global disaster.

 

February 28 - Sweden’s Economy To Be Completely Stripped Of Cash

Article: Technology For A Global Monetary System
 

Technocrats are crushing Sweden – read this article carefully for hints at the future: “the public’s means of payments is controlled by commercial parties”, “Such a scenario would be worrying in the event of natural disaster or a technological breakdown, with Swedes potentially unable to buy the basics needed to survive.” ⁃ TN Editor

People living in the world’s most cashless society may soon lose their access to notes and coins. To avoid that extreme scenario, Swedish cash-handling provider Loomis AB wants authorities to force banks and retailers to continue accepting cash. The warning follows similar calls from the Swedish central bank, which is worried that the rapid disappearance of cash will ultimately lead to the disintegration of the infrastructure needed to use notes and coins and undermine its task to promote a safe and efficient payment system. “We have to have cars, vaults and all that, and in order to maintain the infrastructure we also need a base volume,” Loomis Chief Executive Officer Patrik Andersson said in an interview.


 

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