Norway’s largest bank calls for total end to cash

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Norway’s largest bank calls for total end to cash

January 23rd, 2016

Awake Goy

Citing the “dangers and disadvantages” of cash, DNB Bank has called for it to be completely phased out.

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.

“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.

The Ministry of Finance is opposed to DNB’s proposal and the bank official acknowledged that going completely cashless “will likely take some time” but suggested that the process should be started now, for example by discontinuing 1,000 kroner notes..