By Ben Antenore, European Affairs Editorial Assistant
Two nations, Norway and Sweden, are making serious moves toward the abolition of paper-based money.
On January 22, Norway’s largest bank DNB called for an end to the usage of cash. In an interview with newspaper Verdens Gang, DNB executive Trond Bentestuen spoke of the dangers and uncontrollable nature of paper currency: “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.” For Bentestuen and DNB then, the only solution to fighting money laundering and other illicit practices is a total phasing out of cash. He supported this conclusion with data, citing that only about 6 percent of Norweigans use cash daily and, of that small number, usage is skewed highly toward the elderly.