Bitcoin Forum

"Fuelled in no small part by the increased adoption of alternatives such as cryptocurrency, it seems undeniable that the world is moving closer each day to becoming a globally cashless society."

https://stadivm.com/blog/sweden-cashless-by-2023/ (https://stadivm.com/blog/sweden-cashless-by-2023/)

what they are really doing in different places is that they are creating their own centralized cryptocurrency like what JP Morgan bank, Venezuela and a couple of other countries and banks have been doing in the past 3 years.

it has nothing to do with bitcoin or altcoins or this forum because it is centralized!

They create a centralized payment system based on blockchain technology. How does this relate to this forum and the crypto community?

I think that this is a good example for neighboring countries to give up cash and create a cashless society. I am sure that after Sweden, Norway and Finland will go to bank transfer. In this case, it will be much easier for citizens of these countries to start using them than for countries that have not switched to cashless payments.

This is part of their efforts to track EVERY money transfer. This is as anti-bitcoin as it can get, and have no doubts - they're coming for us next. This news is not to be celebrated.

This is the situation until people will realize the importance of being decentralized. I mean governments and common people start thinking about the importance of having digital payment system for quick and traceable momentary system. This is the reason they are switching over to "cashless society". When people start realizing the advantages of having cross border viable, globally common payment network, they may start using bitcoins. Hence, Sweden's this move is vital in crypto community perspective.

If you are using bitcoins then it means you are ahead of 2 generations. People are still using fiats. They may first turn to digital payments before adopting a decentralized payments.

We're truly going to a cashless society, when to see that? only time can tell. I don't think that by exact 2023 Sweden can implement but if they can, other relative countries will start following their path.

The forum is also about blockchain and these adoptions of the technology should be recognized in the forum too. We understand that blockchain alone can work but looking back on where it all started, it's in here.

complete refusal of cash with bad consequences. Cryptocurrencies are nice, but you should not get rid of Fiat. There are so many factors that will negatively affect the whole society.

Sweden is quite progressive in using digital payments so I it won't be a surprise foe me they stop using cash by 2023.

Interesting, I would rather also use digital currencies instead of using paper money. But in this article it wasn´t directly said that Sweden is going to use cryptocurrencies, right?

More than likely, it is their own centralized digital currency. If they will utilized crypto, then the government has no way of controlling it. And they wouldn't permit such situation. But aiming to be cashless society, it means they might also accept the circulation of crypto in their community. Or they may be loose in terms of crypto regulations.

This could just be the first of many more adoptions of the crypto technology to come. It's looking likely crypto is going to take over soon and it could really become the financial driver of tomorrow. It is unsurprising to see several economies are beginning to take note of its existence. However, it is good to see.

Now we think about it, why do people need money? Even though money made from paper and obtaining raw materials for making money has actually damaged the environment. Is it wrong we all turn to digital money? Actually it's just a different form.

Look, what Sweden is trying to implement is rather terrifying than superb. What they actually want to achieve is an absolute control over money of their citizens. No one is able to "freeze" banknotes in your pocket, but guess what would happen in that situation with a frozen bank account... Well, nothing great for sure. I do not support fiat currencies at all, but in this situation, holding any "physical money" gives you the power to survive attacks from any institution that would declare you untrustworthy for any reason. Just lesser evil at this point.

It's indeed a good move by the Swedish authority to become a cashless society but realizing it at 2023 is a bit too soon to happen. Maybe 5-10 years from now it will do because they citizens will adjust and a lot more adjustments to do to make it a reality.

It is indeed a great place to use cryptocurrency, so many project there that is crypto related so i think this is really possible to happen. But i think fiat money will still be there since they still need it for trading into different countries as well as the tourist of course.

But it's much better rather than use fiat cash anytime and get fooled by the FED and IMF. That needs a lot of time but i believe that will give an advantage to the cryptocurrency in the future because that needs the time.

But it is different from a system users would like to have because they replace the cash system with a cashless fiat system in Sweden. It will be a centralized system so I don't see any advantages.

This plans will go along way and probably raises the reputation of bitcoin as well as adoption takes place, once it has been implemented along. The people in each country should support this type of diversions of payment system, because that brought good opportunities and convenience. However they need to be more open minded and be more positive in dealing with this changes during actual implementation, because some challenges might occur.

hoping in other countries will also follow Sweden. this is the time to develop blockchain adoption for business.

While the news that much of the world show preference for a "cashless" society,it is unlikely it will be phased out that soon enough.I do not believe it to be a strong argument for cryptocurrencies also as the proposal for a cashless society does not spell decentralization .You basically will have your fiats in electronic form

We have a lot of countries already trying to stop the use of cash in their country not because they want to adopt crypto but because they want to introduce cashless policy, so that users will end up sending figures within themselves whereby the real cash has been used by the banks to do business so that they can make a lot of money and still charge us transaction fee for sending digits from one person to another.

Perhaps Sweden will be the first country to be able to abandon fiat money and fully transfer to cryptocurrency. We will observe this process.

Gradually the global world is beginning to adopt this wonderful technology.  Though its taking time but definetly blockchain and cryptocurrency will move mainstream

Cash is good for money laundering, while bitcoin can be traced. No wonder why they want to be cashless.

This is very good news, the legalization of cryptocurrencies in a particular country is a great chance for the revitalization of cryptocurrencies for the public and I think this is great.

Listen how interesting! Is the new financial revolution close? If the information from the article is true, then I will be impatiently waiting for the continuation of this story.

Even if this is truse they might look for other options not the decentralized payment system becaue people are going to get much benefits on this and most of the goverments won't like it to be happen.

Yeahmore and morecountries and governments are literally now thinking seriously to move to digital currencies some of them are even thinking to launch state coin i think these are massive events and indicate massive times ahead for blockchain and crypto.

If this accept automatically they put some regulations in decentralized platform so automatically government should undertaking the cryptocurrency. I thought it takes sometime because still perfect conclusion will not reached so time duration varied at anytime.

2023 is a bit optimistic but we are clearly heading towards cashless society.
Even now you can pay everything by mobile in seconds and new solutions are on the way with crypto payments.
This is here and real.

Spending cash is expensive, bogus and less secure. Sweden has taken a positive way to globally connect its economy. I see other ict compliant or friendly countries to join suit in the revolution

Crypto payment will be the next solution on a payment system that offers high security and privacy, as long as we are doing it very well and we will not have any problem with it. Japan is about adopting crypto more and more. We don't need cash in the future

Cashless is more of an exaggeration

Crypto currency and blockchain is to make life easier not extreme

With blockchain helping with fast and quick transfers; it has supported fiat and funds transfer
Stop thinking about an eradication

hej :D

maybe this can happen in the future because if Bitcoin and Altcoin have been received in each country then everyone can use it to buy something in that country.

You make no sense mister. Why use Bitcoin and altcoin that is irreversible when people already used to reversible ideology? take india for example. we want to become digital but we ban crypto. similarly there are other stupid countries around the world.

They'll start using BNB  8)

Now the world of technology continues to grow and many people who want everything are fast and uncomplicated. Cryptocurrency is one that can be a technology that can be used in the future and now. This cryptocurrency can be a digital currency that is currently popular. And many countries will use Blockchain technology.

That's the reason why a country like Sweden grows more economically speaking. They are open for adoption and development that could make every transaction easier and more convenient for them. If most countries would have the same plan as Sweden, I guess blockchain technology would make life lighter.

This hasnt anything to do with blockchain adoption. Sweden removes paper money and coins in favour of credit and debit cards. A side effect is that your bank knows EVERYTHING about you now, they know where, when and for what you spend every single cent.

Although the link you provided is not working, you might want to fix that, back to your topic I think it's possible that in the future we might actually see a world of cashless money and for Sweden to do this I'm guessing they have to create there own crypto coin, well it's a good thing and Sweden is not the only one on my list,  look at Venezuela too, let's wait and see how the future plays out

Before, I am telling my aunt about this matter. What if we stop using cash and start using crypto? She said, that would be impossible to happen. I guess through this post and news regarding sweden, I can not rebut her point and say. Cryptocurrency is the future of money. I really wanted to skip fiats. Let us embrace crypto.

I am not surprised. Sweden is known as one of the most leftist countries in Europe, with some of the highest rax rates. That said, I am not sure how successful this measure can be, as there will be a lot of people out there who does not own credit or debit cards.

Sweden is a fairly developed country, and I would not be surprised that they will be one of the first to introduce electronic money into daily use, in particular cryptocurrency.

Thats great innovation, But can it be sustain for a long time without cash? how about the swedish monetary unit, is it useless already those are few question regarding this matter that needs to be clarified since if Sweden became a successful implementor of that cashless system im sure that more countries are going to follow's Sweden's step on a cashless society.

They are definitely heading towards electronic money. but now is not the time for them to use electronic money to pay for everything. Legal procedures and the prestige of businesses have not been guaranteed. But I'm sure one thing, when crypto is ready to serve payment services and is controlled by law, Sweden will be the first country to use it.

For this to be really possible i think global population still requires a lot of education and awareness, the data and internet should be available for cheap, smartphone and computers should be available everywhere easily and for minimal price and then comes the use and adoption of crypto and mobile payments so at the moment seems like we are way behind especially of we consider developing and under developed countries.

In fact countries like Sweden are not very Bitcoin friendly. You can see in Europe, the Western nations are okay and the Eastern regions as well are extremely favorable towards crypto,,, but as you go up higher north in Scandinavia even the banks are quite against them. This is what people are confusing with when they call Bitcoin digital money. In Sweden and other places digital money is just fiat in electronic form.

Bad news for me if this comes to my country (and it probably does).
For now i have been able to convert btc to cash without any problems and live with that.
But when i try to put too much money on my bank account and use it from there, the bank can just freeze my account, until they know where the money is originated from. (as i can't explain most of the trades and gains)

I am pretty much screwed financially if the large scale bitcoin adoption won't come before that.

Just in the movie "Time" to pay their electronic time. Of course this is a joke. I think most governments. Not ready for the transition to digital gold.

This is one positivity news so far. If Sweden can achieve this adoption of cryptocurrency for a cashless society, then we have a step ahead. There's hope for the future of cryptocurrency.

But I doubt the whole volume will shift to cryptos. There are other ways as well. Most probably government will bring its own crypto. But that will definitely boost the volume in cryptos because if not all, a few will definitely shift in cryptos. The utility is what we need to take crypto to the moon. We need to hit $1 trillion market cap.

i am believed they will legalize cryptocurrency in their country as preparation their policy stop using cash.maybe digital and cryptocurrency could be the solution in sweden.it will decrease crime action.

WOW another good news that will surely bring cheers to the investors, crypto enthusiast and the whole crypto world. Yes you are right cryptocurrency is inching closer and closer day by day to becoming embraced by the entire world. I think digital currency will replace fiat money little by little. It takes time but it does happen. The coming generation and future is the time of digital currency where the people can enjoy transaction without hassles imposed unnecessarily by banks.

So that's great. Progressive is strange. Will show an example. With good luck, they will be able to attract more investment in their country.

When you can pay anything in just a few seconds and why do we need fiat cash in the future? there was a lot of ways of electronic payment just like QR code and this is an example of how QR code payment system just takes a few seconds.

I am glad that someone is pointing this out. I am stunned about the amount of people on this thread that actually think this is good news. Cash is the last more or less uncontrolled form of fiat money and they are getting rid of that.

Elon Musk, a known personality said the same way but this is a world situation. We can have a cashless society in the future. And I hope that it is near. Once that happens, it will be a very big mass(a excited redundant expression) adoption in the whole world and cryptocurrency will be known worldwide. A mass adoption is greatly needed for this.

I think we are still far from the cashless society because there are still many peoples using cash money.
Even there are peoples who doesn't have any bank accounts nowadays.
At least they must know how bank accounts and virtual money works, so they can transact each others cashless.

This topic is interesting so I decided to open the link for further details but I couldn't, why is that? Seems there's an error. Because of that I'm force to browse Google and search for related articles. Anyway, it's fine.

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According to what I've read, Sweden is the first countey in Europe who used banknotes (1661) and also will be the first one who will be an official cashless society by March 2023. Just wow! It seems that Sweden are more advance to the world, I guess as advance as the aliens. Just kidding Lol.

Furthermore, a certain part of the article made my jaw drop. Here it is,
Am I dreaming? Please wake me up. I can't believe it, their banks and government (which are pro centralization) are the ones who encourage their countrymen to embrace digital payments. That was so amazing.

I thought pursuing mass crypto adoption or let's say cashless society would become a bloody battle, many will contradict which soon lead to destroyed unity but I was wrong. Sweden is the proof that you can attain such thing without getting any forms of chaos. I hope the rest of the countries will become open minded like them.

Source (https://www.google.com/amp/s/amp.interestingengineering.com/sweden-how-to-live-in-the-worlds-first-cashless-society)

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It doesn't really matter now. If Sweden did it, of course we can as well. The bottomline, cashless society is feasible.

Fully refuse cash in the near future certainly will not succeed. And to get centralized control over all payments is not a good prospect. Cryptography was originally conceived of as a decentralized structure, and it would be great if it remained so.

Sweden is not stopping using cash because of crypto currency alone, if you read the article they have plenty of other stuff they rely on as well and honestly that is about the same in many countries as well.

Think of your own country, I don't care where you are from but wherever you are from and specially if its a first world country I am pretty sure that you are already paying for most things in either debit cards or credit cards as it is, all big movements like home purchases or car purchases already happen from one account to another. It means there is already very small few things that we pay in cash already and that is why moving to completely cashless society wouldn't be a huge challenge. Maybe Sweden will be the first one but I am sure everyone eventually will follow them.

I don't think owning a centralized digital currency can ever work to solve the problem of the recession coming into the world in the nearest future, because it is as same as fiat since a lot of coin can be generated by those who created it, but a decentralized system cannot be controlled even by those who created it, this is why we are going to see the value of decentralized coin soar, because a lot of persons will lose hope in the government and look for alternatives system of income, since the first system has failed everyone already, and Crypto will be the only alternative.

Apparently no one like the idea because Sweden wants to create a centralised blockchain based system. Yes, we can combine blockchain with everything and this is the best part of it. But on the other hand, nobody likes a centralised payment system.

I doubt that Sweden will really refuse to use cash. In my opinion, this is not yet possible. Of course, technically highly developed countries with high incomes of citizens can try to switch exclusively to non-cash forms of payment. However, it seems to me that there will always be situations. when cash is needed.

these articles come out every week about some future thing that will happen and then it never turns into anything reminds me about the articles about medicine.

CANCER COULD BE CURED BY 2015 AFTER NEW BREAKTHROUGH!!!
dated -2007

It might not have anything to do with blockchain now, but once the citizens get to know about what blockchain tech is all about, and they get introduced to cryptocurrency, this system their government created that I am sure they are fed up with will pressure them into adopting cryptocurrency.

This will cause a lot of people to transfer most of their money from the bank into the blockchain wallet to further protect the monitoring of their transaction and their money. What Sweden has done will eventually backfired for them, for not given their citizens full freedom over their transactions.

Not only Sweden, all countries around the world would join cryptocurrency and accept its importance in the sphere of transaction sooner or latter. Sweden is only the beginning point. What would it feel when people stop using fiat money? I would tour the world without fear of being robbed of my money and would pay for everything in cryptocurrencies. I am collecting different kinds of coins.

One of the most progressive countries on which it is necessary to be equal to everything, and the Swedes have a very high level of personal responsibility.

Though this their concept is still not a fully decentralized cryptocurrency but all the same, I think this is good cryptocurrency and it is q sign of many things to happen in the later future as fiat currency is no longer sustainable and there is a need for a new medium of exchange which crypto can fully fit in.

each country has a different idea so that in each country there are different regulations.
maybe that is a good thing in Sweden if you do digital or Crypto currency transactions directly, but there may be risks that will occur.
because of course there will be negative and positive things.

Cryptocurrency is a very large industry and has very good technology. So that now experiencing very rapid development, even now many countries have given permission to use Cryptocurrency. So now this technology is an alternative to excellent payment media.

Cashless society will become a reality in a few years and not only in Sweden. Even elder persons
can see the benefit of digital payments and more and more people selecting such payment
options. Crypto will speed up the process.

Sweden already became cashless society for several years and i think its not cryptocurrency but its digital money. Its good start because when people start to move to digital, peoples money more secure and hopely in near future, cryptocurrency can adopted in many country as currency too

That will be happened to most of the countries. Due to the financial crisis in Venezuela, almost 60% of their population is now heavily interested in cryptocurrency. And the same will happen in some country too. I'm expecting a huge crisis world wide before the mass adoption of the cryptocurrency.

This is amazing news! I haven't heard it before. The 2023 is not far away opposite way it is too near, only 4 years left.. I am very excited right now.. As far as i know the Sweden is one of the richest country in the World. And if Sweden stops using paper Money there would be many more country would do the same! I wish this news will become real in 2023..

Cryptocurrency mass adaptation is already happening and there are already visa cryptocurrency cards which are accepted EVERYWHERE in the world!

It is true that all the possibilities of the threat of a financial crisis that will occur in some of the world can occur if the finance department of various countries does not have a good arrangement, I think it will happen, just need to wait for the time when that happens.

I have to say that Sweden is in the forefront of the world in this respect, and now because of Alipay, WeChat is in China. There are also many people who like mobile payments, they can do things without going out with cash. This is also very convenient.

Most country in the world want to change their paper money to digital money. If cryptocurrency regulated by government, i am believe cryptocurrency can dominate transaction because crypto already getting more popular. Its good investment and not just currency, bussiness will adopting blockchain technology

What you say is 100% correct. But in 5-10 years we all will get our monthly selary in Crypto in some sort of stable coin. But in that time i think most or at least the biggest exchanges will support deposit/withdraw so this is all closer to mass adoption. And some of the biggest coins like BTC,ETH,LTC or someone else will also be huge. The new stable coins will not take over the whol market. It will be like the .com bubble and just a few OG coins will be alive and used. But who are these coins ? That we not know thats why its clever to stock up coins from the top 10 in the future imo.

Thoughts ?

Not only Sweden Pakistan doing the same. And i think many others will follow.

https://www.coindesk.com/pakistan-central-bank-eyes-digital-currency-launch-by-2025

Paper money is really become a problem. I mean, i don't hold any cash but rarely some are not accepting any cards. So i would love this for my country.

But on the other hand, i don't think it has any relevance about altcoins.

In my country, virtually most people prefers to operate a cashless system to that of cash society and as the years goes by, cash s gradually becoming less used, now with the invention of cryptocurrency to make the whole cashless things easier, cash may soon become a thing that will be forgotten soon.

For this reason of more interest in cashless system, we have to believe in the future of cryptocurrency and whatever actions we presently in the system are performing now should be for the future, early adopters of cryptocurrency are the ones that will really get benefits out of the system, which we have to endeavor to be among them.

yes, agreed. But paper money is the last thing which provides you a bit of your privacy. when the govs release there own digital currency and stopping paper money you won't have pricacy anymore, they can freeze your whole life within seconds. No wallet = no money = no life. I'm really afraid of the future.... :-\

I like this initiative. I think that every year less people will use cash. It will be good if it affects the popularity of Bitcoin. Bitcoin has many advantages over digital fiat money.

This is an interesting development and within the next decade more and more societies will likely adopt a blockchain based method of payment, whether it be a centralized state or central bank issued digital currency or a decentralized cryptocurrency like Bitcoin, and this will help these types of technologies achieve mainstream adoption and become more widely used in everyday life

It is normal that people switch to electronic money. Electronic money is more convenient than cash. Everything goes to the fact that by 2025 there will be no cash at all.

This suggests that banking systems want to move to full control of funds from citizens.  Thus, using a credit card will be paid any bills and goods in stores.  But this still does not mean that Sweden is ready to switch fully to cryptocurrency.

It's something extremely worrying as the fungibility and privacy involved with cash will vanish.  :-\
We need cryptocurrencies more than ever.

I don't think that stopping to use cash is a good idea. people will be highly dependent on electronic ways of payments and it's no good.

Well then is very good if they choose crypto instead of cash, but maybe they will first try to make all people to use cards and only after some time maybe they will implement crypto.

Good they are going cashless. But now what kind of cashless society are they willing to take? Are they opting for crypto currencies or just some regular digital currency system which is backed by their fiat currency system. It is probably going to be a centralized system but then again, making it completely decentralized has its own drawbacks too, at least for now. Lets wait and see what happens in 2023. Hopefully other countries will also follow this system.

The use of cash is going down and we can only expect this trend to continue but we cannot say that this is a good thing, if the type of currency that dominates the future is bitcoin or something similar that is independent from governments control then without a doubt that is going to be something good.

But if in the future the currency that dominates is controlled by the governments then it is going to be terrible since they could control and monitor your life and if at some point they decide that they do not like what you are doing they could freeze all your money and without the alternative of cash then you will have no way to get food or a place to live.

Considering Sweden is very dynamic in utilizing advanced installments. Cryptocurrency will assume about job in these future advancenments. Anyway it is More than likely, it is their own centralized advanced money.

The world is setting off to a cashless society, when to see that? no one but time can tell. I don't believe that by definite 2023 Sweden can execute yet on the off chance that they can, other relative nations will begin following their way.

I am not surprised that Sweden would be first to go cashless. I feel like as a society they are always ahead of  the rest of the world whether it's healthcare, environmental care and now moving to a decentralized economy

It's not directly to cryptocurrency news but it seems a good news for me. Cashless means cryptocurrency have a chance to go in and IF cryptocurrency success go into sweden, i'm sure many countries will start think about cryptocurrency too. With the advance of technology, our life can become more cashless society.