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Sweden could be first country to become cashless
22 Mar 2012

Sweden could become the first country in the world to become fully cashless, it has been claimed.

Bjoern Ulvaeus, a vocal campaigner for cashless societies, stated that he could not "see why we should be printing bank notes at all anymore" in an interview with the Associated Press. 

Speaking after his son was robbed for the third time, the former Abba star claimed that muggings would also decrease if consumers no longer carried cash.

"If there were no cash, what would they do?," he added.

His comments are reinforced by figures from the Swedish Bankers' Association, which show that the number of bank robberies in Sweden fell from 110 in 2008 to 16 in 2011 as less cash is stored in vaults.

Physical currency now only accounts for three per cent of Sweden's economy, compared to an average of nine per cent in the eurozone, according to a report from the Bank for International Settlements.

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