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Are We On The Verge Of A Cashless Society?

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United States
87600 Posts
 Posted 03/06/2020  11:12 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Card terminals are or can be a ''great place'' to spread a virus too. I would say they are even worse than banknotes because everyone touches them when paying.
Not me. I prefer to pay with my phone.
Valued Member
United States
358 Posts
 Posted 03/18/2020  8:59 pm  Show Profile   Bookmark this reply Add PacoMartin to your friends list Get a Link to this Reply


Following a tender process, Danmarks Nationalbank has chosen the French company Oberthur Fiduciaire SAS as its supplier of Danish banknotes from 2018. The contract has been signed as a four-year framework agreement, with the option that it may be extended for a further two years. The first Danish banknotes printed by Oberthur Fiduciaire are expected to be put into circulation in 2020.

When Sweden put in new banknotes starting on 1 October 2015 they greatly reduced the number of banknotes in circulation.

Banknotes in circulation in millions of notes

SEK : Denom : DKK
18.1 : 50 kr : 25.6
28.5 : 100 kr : 45.4
23.3 : 200 kr : 33.6
77.6 : 500 kr : 40.8
3.0 : 1000 kr : 31.1
150.5 : Millions notes : 176.5

At present Denmark has more banknotes in every single denomination than Sweden (except 500kr), despite having a population that is almost half of that of Sweden.

Presumably, Denmark will do the same thing as Sweden and radically reduce the number of banknotes in circulation.

As of 2019, 34% of Danes do not carry cash. This figure has more than doubled since 2017.

Sweden is only circulating a token number of 1000kr banknotes. A subject of coffee discussions is why they didn't simply eliminate the denomination completely.

The smartest thing to do for Denmark would be to eliminate the 1000DKK banknote with Oberthur Fiduciaire.
Edited by PacoMartin
03/19/2020 5:09 pm
Bedrock of the Community
Australia
17075 Posts
 Posted 03/19/2020  5:52 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Just now, with coronavirus, everybody needs cash.

That need is accentuated by the fact that the stock market is in decline, and Governments around the World are actually printing more cash money.
Pillar of the Community
Netherlands
556 Posts
 Posted 03/19/2020  7:21 pm  Show Profile   Bookmark this reply Add Kingz to your friends list Get a Link to this Reply
In the Netherlands most shops / stores / supermarkets etc urge people to use digital payment as much as possible and in some it is even demanded, so NO cash! Soon they will try to implement it with laws and restrictions. Same as how they can say at what times the atm is open..
Pillar of the Community
United States
1035 Posts
 Posted 03/19/2020  7:56 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
After the apocalypse we'll be bartering--pigs, goats, ducks, etc. Wonder what a MS66 duck would go for?
Edited by ijn1944
03/19/2020 7:57 pm
Pillar of the Community
Canada
3347 Posts
 Posted 03/19/2020  9:35 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Since the whole world has gone Bat S Crazy , I would only want the MS 66 Duck with fully formed Wings and Razor
Sharp Tail Feathers . This stuff is getting way crazy!
Remember everyone stay safe and try to keep your chin up !
Pillar of the Community
United States
1035 Posts
 Posted 03/19/2020  9:37 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Personally, I wouldn't touch the duck unless it was slabbed.
Bedrock of the Community
Australia
17075 Posts
 Posted 03/19/2020  10:57 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Wot about Canadian One Dollar Loonies?
Valued Member
United States
358 Posts
 Posted 03/20/2020  12:06 pm  Show Profile   Bookmark this reply Add PacoMartin to your friends list Get a Link to this Reply
Coins carry viruses better than paper money experts say
https://www.businessinsider.com/cor...s-say-2020-3

I am surprised by that statement.

It looks like the only factor that matters is the size of the denomination of the money. Obviously $100 banknotes circulate less than coins or $1 banknotes.

I still think this virus will push the Scandinavian countries into cashless.
Pillar of the Community
Canada
3347 Posts
 Posted 03/20/2020  12:13 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
I think the virus is pushing lemmings over the cliff!
Pillar of the Community
United States
1751 Posts
 Posted 03/20/2020  12:32 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply

Quote:
Coins carry viruses better than paper money experts say ... I am surprised by that statement.

It looks like the only factor that matters is the size of the denomination of the money.

According to the article (and everything else I've read), it's about the surface. I read this morning that this virus can survive up to 24 hours on cardboard, or 72 hours on plastic. Paper money isn't exactly cardboard, but this suggests that it can last longer on the surface of a coin than on a banknote.
Working on: Indian quarter eagles, Chinese pandas, and San Francisco tokens; upgrading my Peace dollar and US Type sets

"Fear is the enemy of will. Will is what makes you take action; fear is what stops you, and makes you weak."
-- Sinestro to (my avatar) Hal Jordan, "Green Lantern" (2011)
Valued Member
United States
358 Posts
 Posted 03/27/2020  12:06 am  Show Profile   Bookmark this reply Add PacoMartin to your friends list Get a Link to this Reply
It remains to be seen if Sweden adopts cashlessness as a response to the coronavirus


Quote:
Paper Money and Coins as Potential Vectors of Transmissible Disease
Emmanouil Angelakis; Esam I Azhar; Fehmida Bibi; Muhammad Yasir; Ahmed K Al-Ghamdi; Ahmad M Ashshi; Adel G Elshemi; Didier Raoult
https://www.medscape.com/viewarticle/821787_5

Currency Notes

Paper currency is commonly and routinely passed among individuals, and microbes can be spread on the surface of paper currency.

Paper currency is made of a rugged mix of 75% cotton and 25% linen, and offers surface area for bacteria and microorganisms to reside on both sides.

Polymer-based banknotes presented lower bacterial counts than cotton-based banknotes. It is possible that the fibrous surfaces of cotton-based banknotes provide a good surface for bacterial attachment. As a result, fewer bacteria were isolated in Australia and New Zealand, where polymer-based banknotes were tested.

Moreover, in banknotes from Mexico, where both polymer and cotton-based notes are used, it was found that polymer-based banknotes were much less contaminated than cotton-based notes.

The longer the paper bill remains in circulation, the more opportunity there is for it to become contaminated, and lower-denomination notes receive the most handling because they are ex­changed more often.

In addition, the economic status of a country was associated with the concentration of bacteria on the currency, and it was found that the average number of bacteria detected on banknotes is associated with the economic freedom of banknotes.



Quote:
The Riksbank to test technical solution for the e-krona
20 February 2020

The Riksbank is conducting a pilot project with Accenture aimed at developing a proposal for a technical solution for an e-krona. The objective is to create, in an isolated test environment, a digital krona that is simple and user-friendly. The technical solution will be based on Distributed Ledger Technology (DLT), often referred to as block-chain technology. The main aim of the pilot is for the Riksbank to increase its knowledge of central bank-issued digital krona.

The Riksbank is conducting a pilot project with Accenture to develop a technical solution for an e-krona that can work as a complement to cash. The aim of the project is to show how an e-krona could be used by the general public. A digital krona should be simple, user-friendly as well as fulfil critical requirements for security and performance. In the test environment, simulated users shall be able to hold e-kronor in a digital wallet, make payments, deposits and withdrawals via a mobile app. The user shall also be able to make payments via wearables, such as smart watches, and cards. The pilot project runs until the end of February 2021, with the option to extend and further develop the technical solution.



Quote:
The Swedish government appears to be betting that its national culture is distinctive enough to pull off public health policies other countries can't. Whether it will regret doing so remains to be seen.

Stockholm's coronavirus efforts stand out as markedly measured—or, as some would have it, dangerously tame. Two weeks after the country's Public Health Agency (on March 10) raised the risk level of a community spread of the virus to "very high"—the highest grade on a five-point scale—primary schools remain open, borders are only partially closed, there are no compulsory quarantines or shutdowns of restaurants, bars, or public spaces. While there is a ban on public gatherings, the 500-person limit is more generous than in other countries.
https://foreignpolicy.com/2020/03/2...or-business/
Bedrock of the Community
Australia
17075 Posts
 Posted 03/27/2020  01:03 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Here's the thin edge of the wedge:

Today, the bank that I have been regularly using for the last 40 years said that they would be closing their doors to those who want to make a cash withdrawal due to the (excuse?) threat of the coronavirus

They strongly advised me to have a credit card - I have NEVER hd a credit card in my life! - and I have never, ever needed one.
I have always used cash budgeting, and I have never been in debt in my life, because of cash budgeting.

I will use a debit card instead, if I am forced to, and will cancel it when the coronavirus threat has passed.
Valued Member
Germany
473 Posts
 Posted 03/27/2020  03:46 am  Show Profile   Bookmark this reply Add redlock to your friends list Get a Link to this Reply
There are many, many more and more likely ''Potential Vectors'' to catch the corona virus than from cash.
This pandemic is just a ''golden opportunity'' for the anti-cash lobby to get rid of cash or at least trying to get rid of cash.

Not closing schools, restaurants, ectr. and allowing gatherings up to 500 people in Sweden/Stockholm is almost criminal negliance. Don't blame cash when you will have a huge spike of infections.
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United States
87600 Posts
 Posted 03/27/2020  08:51 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I will use a debit card instead, if I am forced to, and will cancel it when the coronavirus threat has passed.
I have no problem using a credit card. I treat it as cash, pay it off every month. If you are disciplined with your cash, you can do the same with a credit card.

Debit cards are very dangerous. Banks often offer no protection or remediation when they are compromised, whereas a credit will protect you. I had mine compromised twice last year. Only cost was the time it took to report it and I got a new card overnight.

Having it linked to my phone is great during these times. When I venture out for food or groceries I can pay with the phone and not worry about touching contaminated cash or passing my card back and forth.
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