Norway’s largest bank, DNB, has said that cash has fallen out of favour with everyday Norwegians and is instead primarily used on the black market and in laundering schemes.
“Today, there is approximately 50 billion kroner in circulation and [central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money usage is outside of any control. We believe that is due to under-the-table money and laundering,” bank executive Trond Bentestuen told VG.
"There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out," he added.
Bentestuen said that only around six percent of the Norwegian population uses cash daily, with the numbers higher amongst the elderly. Full story...
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“Today, there is approximately 50 billion kroner in circulation and [central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money usage is outside of any control. We believe that is due to under-the-table money and laundering,” bank executive Trond Bentestuen told VG.
"There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out," he added.
Bentestuen said that only around six percent of the Norwegian population uses cash daily, with the numbers higher amongst the elderly. Full story...
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