refusing to accept cash
|July 14th, 2017 at 4:12:46 PM permalink|
Member since: Oct 24, 2012
Even though 79% of Swedes used cash for a transaction in the past month, that could include transaction only involving coins.
In Sweden, the number of banknotes per capita is so small, that there is a very limited amount of transactions possible. Also there is not enough money to have money stored in homes. If the average person wanted to keep $250 at home, the system would break down because of lack of banknotes. There wouldn't be enough notes to stock the ATMs.
Imagine that the USA Bureau of Engraving and Printing is circulating 27 $20 banknotes per capita in order to keep the ATMs full, and Sweden is circulating 20 banknotes per capita of all six denominations.
Even Norway circulates many more of the larger denomination banknotes.