Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this8:55 am
December 17, 2016
Offline
From the National Post (via the NYT)
In Sweden, cash is almost extinct and people implant microchips in their hands to pay for things
Few countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so quickly — with half the nation’s retailers predicting they will stop accepting bills before 2025 — that the government is recalculating the societal costs of a cash-free future.
The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency — an e-krona — to keep firm control of the money supply. Lawmakers are exploring the fate of online payments and bank accounts if an electrical grid fails or servers are thwarted by power failures, hackers or even war.
“When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared,” said Stefan Ingves, governor of Sweden’s central bank, known as the Riksbank. “You can’t turn back time, but you do have to find a way to deal with change.”
Ask most people in Sweden how often they pay with cash and the answer is “almost never.” A fifth of Swedes, in a country of 10 million people, do not use automated teller machines anymore. More than 4,000 Swedes have implanted microchips in their hands, allowing them to pay for rail travel and food, or enter keyless offices, with a wave. Restaurants, buses, parking lots and even pay toilets depend on clicks rather than cash.
9:04 am
October 29, 2017
Offline
I don't use cash either, although I don't exactly have an implanted chip in my body. Credit cards are convenient enough for me.
Ever since I stopped using Tim Horton's, I left cash behind.
9:56 am
August 10, 2018
Offline
The chip I have in my hand usually ends up in my mouth rather quickly.
10:58 am
November 19, 2014
Offline
Be funnier if they had the chip implanted in their shoulder.
I for one am not in favour of it. I can think of myriad reasons I don't want the big banks, the credit card duopoly and the government being able to trace every single transaction I do. Beginning and ending with personal privacy.
11:34 am
October 27, 2013
Offline
Top It Up said
The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency — an e-krona — to keep firm control of the money supply. Lawmakers are exploring the fate of online payments and bank accounts if an electrical grid fails or servers are thwarted by power failures, hackers or even war.
The loss of the system due to power failure, compromise, hackers is, to me, the greatest vulnerability, and will require mitigating measures. I don't use cash any more (except for things like Poppy or Salvation Army kettle donations), but always have some in my wallet.... just in case. The future may be to have some cash squirreled away at home as a fallback. Should probably do that anyway even today.
5:38 am
January 28, 2015
Offline
Not for me sooner or later thugs will be hacking hands off instead of taking your wallet
6:09 am
September 11, 2013
Offline
AltaRed, totally agree re power grid, that's how we'll be laid low by our enemies IMO - with sustained, relentless attacks on our electricity supply techno society won't last more than days in the big cities. And I agree re stashing cash at home, though I doubt it'll do any good I do feel better with a few $K (and some gold coins) stashed on the property.
7:45 am
December 17, 2016
Offline
Bill said
... and some gold coins ...
SO, waking up to a scorched earth, I've always been curious to what end the gold coins will take you? How would you split that gold coin to buy a sausage and a pickle OR do you perceive a helluva black market for gold coins for currency?
8:17 am
November 8, 2018
Offline
Top It Up said
SO, waking up to a scorched earth, I've always been curious to what end the gold coins will take you? How would you split that gold coin to buy a sausage and a pickle OR do you perceive a helluva black market for gold coins for currency?
Worry not: if worse comes, the price of a pickle and a sausage would be 1 gold coin. No need to split.
As well, few dollar bills of different denominations someone stored on their property could be given to kids instead of toys. Nice coloured pieces of paper worth nothing.
9:26 am
October 29, 2017
Offline
If the world economy crashes completely and everything is on fire, the only things that will matter, are weapons and barter items. Having things like pigs, chickens, water etc. nobody will want your cash or gold.
If all you are concerned about are hackers, then stick with credit cards, you will be reimbursed.
10:36 am
October 21, 2013
Offline
It's interesting how much thought people have given to the likely manifestations of a financial meltdown. It's not a subject I've heard financial advisors/ers addressing. There is nothing on the know-your-client questionnaires about your views on this, whether and how you would like to plan defensively for the possibility, etc. Hmm.
10:44 am
December 17, 2016
Offline
Loonie said
It's interesting how much thought people have given to the likely manifestations of a financial meltdown.
LIKELY because, Armageddon's been delayed until further notice!
10:46 am
September 11, 2013
Offline
I don't agree with the general presumption that our society going down = whole world in general going down, i.e. empires are defeated but the faraway world continues along just fine. Lots of folks on earth keep some of their wealth portable (e.g. jewelry) partly because of their historical experiences of having to move or emigrate somewhere safer. But I do totally agree, keeping cash, gold, etc is very likely to be of no use locally, especially if you live anywhere there are millions of people right beside you. But keeping some around doesn't mean you can't also have weapons, chickens, etc., the various options aren't mutually exclusive.
Vatox, Tim's lets you tap your credit card, you can come back!
11:42 am
October 21, 2013
Offline
No problem. You don't have to agree. You just have to live with whatever happens.
11:51 am
October 29, 2017
Offline
Really Bill. Awesome.
They only took cash in the past.
Mmm.. Double Double here I come!
Please write your comments in the forum.