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More control to the bank?

Book review written by Øystein Windstad
The cash will be replaced, says Executive Vice President of DNB Trond Bentestuen.

(THIS ARTICLE IS ONLY MACHINE TRANSLATED by Google from Norwegian)

Executive Vice President Bentestuen's argument against cash is that it entails large costs: “Security related to cash and distribution is both cumbersome and costly, and in addition, cash is a far less secure method of payment than digital payments. It is not safe to walk around with a lot of cash. In addition, crime and tax evasion are another important issue. Norges Bank can only account for 40 per cent of the total use of cash, which we believe indicates that much of the use may be about the black economy and money laundering. "

What does DNB think of a parliamentary proposal to continue with cash as a valid means of payment?

"There is already a requirement that cash can be used as a means of payment, so such a proposal does not involve any change from the current situation. We still believe that cash will be phased out over time. However, this is a. . .

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Øystein Windstad
Former journalist at Ny Tid.

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Full 100-page MODERN TIMES including the appendix Orientering and Modern Times Review comes out quarterly (March 1, June 1, September 1 and December 1) with international book reviews, essays and comments – in addition to the physical newspaper and PDF, the articles are eventually published online here (see also the newsletter).

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