Sean Adl-Tabatabai – Cash has become virtually extinct in Sweden as citizens use implanted microchips to pay for goods and services.
Over 4,000 Swedes so far have tiny microchips implanted under their skin, and the government predicts that cash will be entirely abolished before the year 2025.
Financialpost.com reports: The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency — an e-krona — to keep firm control of the money supply. Lawmakers are exploring the fate of online payments and bank accounts if an electrical grid fails or servers are thwarted by power failures, hackers or even war. Continue reading