by Chris Campbell
Laissez Faire Books
The cashless society is coming.
The Bank of Korea has announced it’ll be fully cashless by 2020. The Swedes are well on their way, too. Bills and coins represent just two percent of its economy, compared with 7.7 percent in the U.S.
In Stockholm, according to New York Times’ Liz Alderman, “Parishioners text tithes to their churches. Homeless street vendors carry mobile credit-card readers. Even the Abba Museum, despite being a shrine to the 1970s pop group that wrote ‘Money, Money, Money,’ considers cash so last-century that it does not accept bills and coins.”