Sweden’s central bank has its parliament to form a committee to review what constitutes legal tender in the country.
Originally reported by Bloomberg’s Amanda Billner, the new committee will give a definitive answer on the definition of legal tender as Sweden increasingly moves away from cash to credit and debit cards for paying for goods and services.
Sweden moving away from cash to digital payments
A statement was given by Sweden’s central bank that seems to clarify its position while also stressing the definition of legal tender’s significance.
For 350 years, Swedish society has relied on the Riksbank to provide the general public with various forms of the country’s currency, the Swedish krona. Cash issued by the Riksbank has been legal tender since the 1850s. Cash use has decreased rapidly in Sweden and a scenario within the not-too-distant future, in which cash is not generally accepted, can’t be ruled out.
The Swedish cash situation appears to be severe as originally reported by Billner. The author claims…