Quote:
Originally Posted by Joe90
I would take to the streets in protest, if an attempt to do away with cash was made. I wouldn't like the increased control it would give to government. The loss of convenience would also be a big issue.
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An article about moves in
Sweden phasing out physical currency. And another article about
the movement.
Sweden does many transactions electronically, but Sweden is still circulating SEK9626 per capita = NZD$1722 . So Sweden is still circulating roughly twice as much cash as New Zealand : NZD$928 per capita (not factoring in cost of living).
Sweden's largest banknote 1000 kronor = NZD$179 is still circulating at 2.25 banknotes per capita. The central bank of Sweden has reduced the number of 1000 kronor notes by 15% last year and not increased the quantity of smaller notes to make up the difference. If that doesn't seem like a big decrease, remember that nearly every nation in the world increase their supply of big notes every year. Sweden has been reducing their currency supply since 2007.
Starting in October 2015 Sweden will release their latest generation of notes and coins. Right now the 1000 kronor denomination is not scheduled to be discontinued, but it is not clear how many will be produced.
Since NZ uses even less currency than the Nordic countries, I think the same push could happen there as well. NZ is scheduled to release a new series of banknotes in 2014, but the changes will be relatively modest.