Is Denmark About to Become a Cashless Society?

Technology has really taken over the 21st century. We have seen some crazy inventions over the last few years and it’s almost unbelievable to think most people didn’t have access to the Internet less than 15 years ago. Nowadays, a Full HD 1080p TV is a minimum requirement in every home.

A lot of people have even moved onto 3D and 4K TVs. The rate of technological advancement is simply absurd and you have to really think how long it will continue at this pace.

There is news going around that Denmark could be banning all cash registers from supermarkets sooner rather than later. Yes, you heard that right. Apparently, the proposal is for the change to happen by the start of 2016. Electronic money has obviously had a huge impact on our lives. There have been a lot of positives and clearly, there have been less attempts by burglars to steal cash from people. There are still concerns of a cashless society of course, and it’s mainly to do with privacy. Most people are worries that going cashless would allow the government to track your every move.

Is it time to adapt to this change and embrace virtual currency? It’s a very tough question to answer, especially in light of the Bitcoin hacks. Not carrying cash does keep burglars away, but there is still plenty of fraud happening with virtual currency. This will only continue to grow as we move towards a cashless society.

Europe and Denmark in particular seem to be leading the charge for electronic money. In Denmark for example, only 6% of all transactions are cash-based. In contrast, almost 50% of all transactions in America are cash-based. It will be interesting to see how this develops but if Denmark does indeed go ahead with its proposal for a cashless society, USA and the rest of Europe may have to follow suit.

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