The past years "fight" of "naive technocrats" to totally eliminate Swedish Krona on bank-notes and coins, has just received their first cold shower when Swedish Government decided to adopt the law that imposes all Swedish banks to assure normal Swedish Krona bank-notes for all people of Sweden.
The frenezy with digital e-krona and elimination of Cash has received a serious blow.
The Swedish Government also recognized the huge risks associated with elimination of normal bank-notes and coins, in case of international conflicts and natural disasters.
My previous warning articles addressed to the Swedish State, have been read and understood.
See:
190912 Latest attack vector on digital payment systems
https://zenosloim.blogspot.com/2019/09/190912-latest-attack-vector-on-digital.html
181107 - Swedish Digital Bank-ID hacked again - How secure is e-krona - open letter to the Swedish State
https://zenosloim.blogspot.com/2018/11/181107-swedish-digital-bank-id-hacked.html
But recent decision of Swedish Government comes a bit too late, after enough damage already done on the international credibility of Swedish Krona.
The result of the inconsistent policy regarding future of Swedish Krona has dropped the credibility for the Swedish Krona internationally, more exactly,
most foreign banks from non-euro area, no longer accept the Swedish Krona.
Swedish people travelling abroad in non-euro countries, are losing in average about 30% of their money, when exchanging swedish crowns to national valuta of respective country, at all Swedish banks and exchange companies like Forex.
Concrete example: Romania, non-euro European country.
Exchanging to Romanian valuta in Sweden at Swedish banks or Forx, you lose about 30%, compared to exchanging Swedish crowns directly to Romanian valuta, in Romania.
Same situation is valid for all other world countries non-using euro.
In Romania, 3 years ago, all major banks (at least 8) accepted and exchanged directly Swedish crowns.
Nowadays, no bank longer, accepts Swedish crowns, due to fear that Swedish crown will disappear, as a result of the inconsistent and naive policy for eliminating of paper/coin money.
Who is the major loser: all swedish people travelling abroad, many foreign tourists visiting Sweden, all Swedish merchants selling in open markets, not every one affords having a wireless portable payment terminal.
Who profits: Swedish banks and Forex.
Hope only that recent decision of Swedish government will repair and reestablish the lost international credibility for Swedish Krona.
