Sweden Begins Planning Transition From Cash To Digital Currency

[markj113]

Sweden Begins Planning Transition From Cash To Digital Currency

As Reuters writes, the RIksbank could become the first major central bank in the world to create its own virtual money as the use of cash declines, Deputy Governor Cecilia Skingsley said on Wednesday.

The major difference between digital and paper currency is that every single transaction is logged, and the value of money can be remotely "adjusted", making it impossible to use cash as a value-preserving alternative to negative interest rates.

http://www.zerohedge.com/news/2016-11-17/sweden-begins-planning-transition-cash-digital-currency

As I predicted, as countries move from cash to crypto :

1) It will not be bitcoin
2) It will be state controlled
3) No interest paid
4) Every transaction you make will be fully trackable

5) When implemented a bitcoin ban in that country will soon follow **we will have to wait and see on this prediction **

A government and bankers wet dream - full control over all your wealth, good luck in future banker bailouts.

Remember all those bank runs in Greece and Cyprus when people got wind of the hair cut that was coming, what are you going to do when cash no longer exists to withdraw and they impose a minimal spending limit on your account.

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[YIz]

They only want to appear modern. "digitalized" fiat is still fiat and not cryptocurrency.

[markj113]

They only want to appear modern. "digitalized" fiat is still fiat and not cryptocurrency.

The death of cash is now being pushed in most countries.

Check how many have now scrapped the larger value notes, next will be mid value notes leaving you with only pocket change.

[countryfree]

Sweden, Norway and Denmark. All fascist countries. All rich countries. You go to Oslo's airport one Friday afternoon, and it's crowded with people going on week-ends to Southern Europe, but they will all be back by Monday morning, because the people there are unable to live without the safety net from their government (medical insurance and all that), nor the gigantic organization which rules everything in their lives.

If you can avoid to ever travel there, I advise you do. Without or without cryptocurrencies, these countries will ban cash. Cards are already everywhere. If you want to pay cash in Norway, the people look at you like you're some kind of an alien.

[jabaguru]

Oo, it doesn't look to be good. A stated controlled digital currency, no btcs, no advantages to population (very different from btc purpose)... Hmm, it's not for nothing people say they are "socialists".

[shinratensei_]

Sweden Begins Planning Transition From Cash To Digital Currency

As Reuters writes, the RIksbank could become the first major central bank in the world to create its own virtual money as the use of cash declines, Deputy Governor Cecilia Skingsley said on Wednesday.

The major difference between digital and paper currency is that every single transaction is logged, and the value of money can be remotely "adjusted", making it impossible to use cash as a value-preserving alternative to negative interest rates.

http://www.zerohedge.com/news/2016-11-17/sweden-begins-planning-transition-cash-digital-currency

As I predicted, as countries move from cash to crypto :

1) It will not be bitcoin
2) It will be state controlled
3) No interest paid
4) Every transaction you make will be fully trackable

5) When implemented a bitcoin ban in that country will soon follow **we will have to wait and see on this prediction **

A government and bankers wet dream - full control over all your wealth, good luck in future banker bailouts.

It will make other motivation for the other country(bank), as your prediction. Even every bank will make their crypto.

All of the control is still under his control, Even I could have thought if this is the real action for preventing bitcoin in his country.

They wealth on the banker's hand.

[markj113]

Common sense says as the general population moves away from cash to digital currency and becomes used to using it the governments and central banks will not want direct competition to their fully controlled crypto.  Bitcoin will have the same benefits but none of the downsides, it will not be allowed to survive.

[Amadues]

Oo, it doesn't look to be good. A stated controlled digital currency, no btcs, no advantages to population (very different from btc purpose)... Hmm, it's not for nothing people say they are "socialists".

the only advantage is against criminals, because it's easy see where money go.

just some days ago in italy there was a new limitation for withdrawal money from bank, they set a limit 1000 euro daily and 5000 monthly!
if you get more you're risk to get accused of fiscal evasion!
so the idea of money controlled seems to be a real standard and every day some news remember it

[mrnswtcy]

I can see the commercials now: Dont use that other shady coin! We offer insurance!"

Not anywhere near as appealing as a Decentralized currency. It will help adoption of bitcoin as a matter of fact. Thats my prediction. Documentaries, news broadcasts. Bring it!

[markj113]

Not anywhere near as appealing as a Decentralized currency.

The general public probably wont care if a currency is centralized or decentralized.  I have no faith in the sheeple, as long as they get paid and can buy the latest iphone with it they couldnt give a shit.  They will also swallow all the "Ban Bitcoin, it is only for drug dealers and child porn" propaganda.

It will help adoption of bitcoin as a matter of fact.

As I stated previously this is exactly what will kill bitcoin.  Governments and central banks will not tolerate direct competition from bitcoin to their shiny new, fully controlled, bank issued crypto.

[European Central Bank]

it's gonna depend from country to country. scandinavians are all too happy to sleepwalk into something like this. they look at government as something paternalistic and seem happy to do whatever's served up to them.

if you tried this in the us of a i don't think it's gonna go down too well. as the older generations die off then maybe attitudes will change.

what does it mean for bitcoin? not sure. it will finally make sense to a lot more people but perhaps it'll be too late.

[MingLee]

Not surprised that the most backasswards "progressive" country is doing something that is going to allow for them to track all of their citizens even more. Disgusting.

It's a good thing that most other countries, not in Europe, anyways, will face decent resistance if they try to do something like this. The Swedish people will just bend over for it.

It's a shame a decent country has become so... terrible.

[outatime1]

That is a smart move because so much of the money in the economy is moved electronically. It's a natural step to take for any currency.

[Wind_FURY]

As I predicted, as countries move from cash to crypto :

1) It will not be bitcoin
2) It will be state controlled
3) No interest paid
4) Every transaction you make will be fully trackable

5) When implemented a bitcoin ban in that country will soon follow **we will have to wait and see on this prediction **

A government and bankers wet dream - full control over all your wealth, good luck in future banker bailouts.

But where is the innovation? Behind all this is a wider surface of attack from hackers, scammers and crooks. I would love to see this happen and let us see what good it will bring compared to the present system. What difference does it have with debit cards? All transactions are also tracked, the money is also state controlled fiat and the interest paid is negligible.

Who cares about that. They can have the "mainstream" all they want. Bitcoin was not made specifically for them but it will be used by them sooner or later. Maybe their first introduction to Bitcoin will be when their Windows computer gets infected by ransomware asking them to pay in BTC.

[Meuh6879]

Politics always build things ... and they can't.
Because it's peoples that they build things.



Bitcoin is the solution.
Gov. is the problem (and banks).

Don't let gov. and politics build money flux ... they fail ... ALWAYS ... every 50 years (or less).

[eternalgloom]

What worries me the most is that I actually hear quite a few people (in my own circles), saying that they wouldn't mind if cash disapeared.
I've had a long conversation with my girlfriend about this, who also thought initially that it would be better if everything was just digital but managed to convince her eventually that it might not be as good as it sounds.

To keep it short, I think too many people still rely heavily on cash and it would not be a good idea to keep everything financial under heavy government control (extensive monitoring etc.)

[U2]

Remember all those bank runs in Greece and Cyprus when people got wind of the hair cut that was coming, what are you going to do when cash no longer exists to withdraw and they impose a minimal spending limit on your account.

Ah, so true. I can see where / when there's economic turmoil like in Greece this would be a huge issue. The government would have you by the balls and there would be nothing you could do about it.

No worry for me! I have bitcoins! They're illegal now? What's a bitcoin? Boom. Done. Lol.

[DOGE12321]

Cash and fiat is going to die off pretty soon as the globe becomes more digitalized. This movement is already beginning. We can see this in the example of India. They recently took out the largest note. Soon there is only going to be coins available.

[ipanks]

its a good news for digital currency and cryptocurrency is including with this and i am happy that one more country make a planning transition and i am sure that many country will be follow this way and in future, we can see that cash is making a new era and make syncronize with digital currency.

[pooya87]

~
1) It will not be bitcoin
2) It will be state controlled
3) No interest paid
4) Every transaction you make will be fully trackable

5) When implemented a bitcoin ban in that country will soon follow **we will have to wait and see on this prediction **

1+2) ok
3) why no interest? banks should pay interest otherwise what is the point of putting your money with them. i prefer storing it in my mattress (or you know better bitcoin) rather than depositing in a bank if they don't pay any profit
4) money is already fully traceable so no change there

5) actually i think bitcoin usage will grow more if this is implemented. if it is successful people will see the benefits of using a digital crypto currency and it is obvious that a decentralized one which they can use globally is a lot better than a centralized government controlled coin which no other country will accept.