War on Cash: Sweden mulls over adopting cryptocurrencies

Sweden’s war on cash started a long time ago, and it is already one of the biggest cashless societies in the world today. It would make sense for the government to start using new kinds of technology, like bitcoin and other peer-to-peer decentralized virtual currencies.

With cash use on the decline and more consumers using digital forms of money – thanks to government policies over the last 20 years – the Swedish central bank is considering adopting cryptocurrencies as government-backed money.

The Riksbank said in a new report that cash transactions presently account for less than one-fifth of all retail transactions, down from 40 percent in 2010. The central bank believes that establishing a cryptocurrency would be a lot easier than it would be in more conventional economies that still rely heavily on cash.

Simply put: the study authors argue that a cryptocurrency could completely replace physical money and enhance the power of other payment systems.

Ostensibly, the central bank wants to work with a distributed-ledger system as well as traditional centralized technology. You know, to ensure that the state still has the power when it comes to money.

When governments and central banks start promoting digital currency, you know you’re in trouble.

Again, bitcoin and other cryptocurrencies are not libertarian currencies; governments can still track, monitor and spy on everything you do in the marketplace.

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