Irish Examiner view: Sweden may scrap hard currency

Swedish krona in hard currency may become a thing of the past as the government there considers a move to a cashless society. Picture: iStock

In the relatively short history of this Republic we've changed currencies several times for several reasons. Initially, we aped the imperial pounds-shillings-and-pence of sterling but asserted our independence and gave our currency a name that reflected our enthusiasm for the Irish language — the Saorstát pound. Nevertheless, British coins and banknotes circulated in Ireland until about 50 years ago.

Developments in Sweden raise a question, one that now seems more a matter of timing than anything else. Will there be any hard currencies in circulation in 50 years' time? 

Sweden’s government is considering moving the country to a digital currency, marking another step into the unknown for the world’s most cashless society.

This has many implications, not least for the men in white vans driving the black economy. The pandemic will give impetus to this idea as it has shown that a card is at least as convenient as cash. 

Maybe it's time the eurozone followed Sweden's lead and began that discussion.