Norway is a pioneer in the shift to digital payments and might be the first one to become completely cashless. Indeed, the Conservative Party (Høyre) plans to eliminate paperSee Banknote paper. moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for g... More
by 2030. Their project consists of two steps: lifting the requirement to accept cashMoney in physical form such as banknotes and coins.
for businesses and introducing mandatory online billing as of 2018. The shift to cashless is supported by the Norwegian Police Federation, which considers that the removal of paper money will help fight against tax evasion and criminal activities.
Nevertheless, an increasing number of objectors are raising their voice to protect the Krone. A Facebook group named “JA til kontanter” (YES to cash) became so popular that it was turned into an official organisation, co-founded by Jørund Rytman, member of Parliament. The organisation advocates for traditional money mainly for privacy and security concerns. Indeed, digital technologies are subject to data breaches and many central banks have already been attacked.
Jørund Rytman also mentions that banknotes are the only payment instrumentDevice, tool, procedure or system used to make a transaction or settle a debt.
that is reliable in case of system failure. Furthermore, the elimination of cash would leave behind both the elderly – who are typically not used to e-transactions – and younger generations – who do not have access to banking services yet. And finally, various studies have already demonstrated cash’s other hidden benefits such as their educational attribute: a tool that effectively teaches children the value of money.