Question #148734. Asked by
mariappank511.
Last updated Dec 29 2021.
Originally posted Dec 27 2021 3:11 AM.
Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne. They were first issued as currency in Australia during 1988 (coinciding with Australia's bicentennial year); by 1996, the Australian dollar was switched completely to polymer banknotes. Romania was the first country in Europe to issue a plastic note in 1999 and became the third country after Australia and New Zealand to fully convert to polymer by 2003.
For several years now, there has been a noticeable shift away from the use of cash in Sweden. Instead, FinTech payment solutions are so widespread that the whole country is well on its way to becoming the world's first cashless society. Many shops, restaurants, cafes, and bars are cashfree - it's not uncommon to see "card only" signs next to most cash registers. Even the majority of bank branches, where you'd naturally expect to see paper notes and coins, are refusing to take cash deposits.
Cash use has declined so much that the Riksbank, Sweden's central bank, has even considered introducing its own digital currency, the "e-krona", as a complement to cash. According to the Riksbank, less than 2 percent of all transactions made in Sweden last year were made in cash. This figure looks set to drop even further to just 0.5 percent by 2020. Compare this to the global average of 75 percent and it creates a stark image of how little Swedes really use cash.
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