Sweden 'Most Cashless' Society in the World

The video discusses the decline of cash usage in Sweden, where over a third of Swedes never use cash. Sweden's tech-savvy society has embraced mobile payments, leading to a rapid transition to a cashless society. While this benefits central banks by facilitating non-traditional monetary policies, the Riksbank is concerned about the speed of this transition and its impact on payment infrastructure. The Riksbank is exploring options like the E Kroner to ensure cash access, amidst protests against limited cash availability.

What is one reason Sweden is leading in the reduction of cash usage?

• Lack of banking infrastructure

• Government mandates

• Cultural aversion to cash

• High levels of tech-savviness

Why do central banks favor a cashless society?

• It reduces transaction fees

• It allows for easier implementation of non-traditional monetary policies

• It increases the value of currency

• It eliminates the need for physical banks

What is a concern of the Riksbank regarding the rapid move to a cashless society?

• Threats to payment infrastructure

• Decreased bank profits

• Higher inflation rates

• Increased counterfeit currency

What is the E Krona?

• A digital currency option being considered

• A type of mobile payment app

• A government bond

• A new physical currency

What action might the Riksbank take in response to reduced cash access?

• Increase interest rates

• Force banks to keep ATMs open

• Ban mobile payments

• Close more ATMs