The End of Money!?

April 20, 2016

 

Money, the source of many issues, struggles and wars may become a thing of the past. No, this isn't an April fools' prank. This is actually a prediction from the reputable Swedish National Bank. But unfortunately it only predicts the end of 'cash'.

 

By 2030, thanks to continuous #technological developments, most customers will prefer to use electronic payments rather than carrying around their money as coins or notes.

 

We can already see this trend today when (according to official data) only 7% of the European payments are made using cash; where numerous #cafes and #restaurants in #Sweden, #Denmark and #Norway don't accept cash payments; with the increasingly popular online #shopping that never accepted it; and in the infamous Panama Papers which despite involving ridiculous amounts of money, never had a single coin or paper note physically transferred to Panama or anywhere else in the world.

 

No, I'm afraid this isn't the end of money. This is the culmination of an ongoing trend we all quickly adopted and preferred to use. Clicking a button or swiping the card over and over again is much easier than dealing with notes or a handful of loose change. However, when the money did exchange hands, we could see it being spent and now we can't... Is this a good thing or the actual source of another issue - uncontrolled debt?

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