Not done with cash yet? Here are two strong reasons to keep it

Norway changes its mind and wants to keep its cash

Norway has announced that it does not intend to completely part with cash. And there are reasons for this. It takes into account the needs of seniors and safety considerations.

The Norwegian authorities initially planned to move away from traditional forms of payment. Cash was going to be a thing of the past. Meanwhile, something will happen differently. The new law maintained the universal option of paying in cash. The government explains this due to the habits of older people and safety reasons.

From October 1, no entrepreneur can refuse to accept cash payments from a customer. Of course, the law regulates the conditions in detail and this payment cannot exceed PLN 7.4 thousand (20 thousand Norwegian kroner). The new regulations do not cover payments in the medical sector and public transport.

Not all Norwegians were eager to use digital payments. Recent studies have shown that up to 600,000 people do not use electronic payment solutions at all. This is a conscious action and concerns the inhabitants, who constitute 10 percent of the country. Most of such people are seniors.

Advantages of cash

Returning to traditional cash payments also has its advantages.

The return to traditional money is to prepare Norway for a possible failure of electronic payment systems – both for technical reasons and due to the interference of special services of other countries or hackers. In such cases, cash is the best solution.

– said Emilie Enger Mehl, Minister of Justice and Interior.

Of course, not everyone agrees with this statement. Norwegian accountants express concerns that cash is what the criminal world is most likely to use, and that completely abandoning it would reduce the costs of doing business in this country. One thing is certain – the debate on this topic will certainly continue for some time.

See: The ban on cash payments has already been established. Who will be hit the hardest?
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