A few days ago, I read one of the most intriguing finance-related articles I have seen in a while. Norway, a country in northern Europe, is looking to completely remove the ability to pay with cash , anywhere in the country. Could this be a golden opportunity for cryptocurrency?
As the article states, only 5% of Norway’s daily transactions are paid in cash. Other payment methods, such as bank cards and credit cards , dominate the financial transaction landscape. Five percent is next to nothing to be honest. Here in Belgium, I think it’s about fifty-fifty between cash and cashless transactions on a daily basis.
All of this will not happen overnight however. This is just a proposal, which was put forward by one of Norway’s leading financial confederations. As expected, there is a fair bit of criticism in regards to this proposal, as a lot of people feel that people should always be able to pay for something “without leaving a trace”. An interesting choice of words, as this statement once again proves that cash money is a far bigger worry for malicious and illegal activities , in comparison to cryptocurrency.
Having a no-cash policy would reduce the risk of fraud and financial crimes. On the other hand, with credit card fraud on the rise year after year, having more people pay with credit cards might not be the best idea either. This is where cryptocurrency could be a factor in my opinion. A lot of education on the use of Bitcoin and potentially some altcoins would be in order however, but it would make for an interesting experiment, don’t you think?
I’m not saying we need a new altcoin which will be airdropped in Norway specifically. We have Bitcoin and some other prominent cryptocurrencies available, which would all fit the picture for this social experiment. And we still have about five and a half years in order to educate and train people on how to use cryptocurrency, as this proposal would only be in effect in 2020.
What are your thoughts guys? Do you think Norway would be an interesting place to focus cryptocurrency-related efforts on? It wouldn’t hurt to try at least, and it is an intriguing opportunity which presents itself.