Australia stopped using cash, who will continue to enforce CBDCs?

While cash has long been a staple of economies worldwide, technological advancements and the increasing popularity of cryptocurrencies are reshaping the way we conduct financial transactions.

In this article, we’ll explore which countries are no longer accepting cash, where they are in the process, and the role Central Bank Digital Currencies (CBDCs) play in driving this transformation. Here are other 6 countries that are following this path.

6 Countries that are Planning to Adopt CBDCs

Apart from Australia, I think these countries are the most likely to leave the money in cash:

1) Sweden – The Pioneer in Cashless Transactions

Sweden is at the forefront of the global transition away from cash. It’s been estimated that only 1% of Sweden’s GDP circulates in the form of physical cash. The Swedish government, the Riksbank, has been actively pushing for a cashless society. Swedes can barely find ATMs, and even street vendors and buskers accept digital payments through mobile apps like Swish.

The primary driving force behind Sweden’s cashless transition is its plan to launch the e-krona, a Central Bank Digital Currency (CBDC), as an alternative to physical cash. The Riksbank aims to provide its citizens with a secure, government-backed digital currency for everyday transactions, eliminating the need for cash.

2) China – Leading the Way with the Digital Yuan

China is rapidly moving towards a cashless society, thanks to the introduction of its digital currency, known as the Digital Yuan (e-CNY). With extensive pilot programs and digital wallets for citizens, China is well on its way to phasing out cash. Vendors in large cities are increasingly refusing cash payments, as they can now accept the Digital Yuan using smartphone apps.

The digital yuan is part of China’s broader effort to enhance financial inclusion, reduce the informal economy, and monitor economic transactions more effectively. The Chinese government views CBDCs as a tool for maintaining monetary control and financial stability.

3) Norway – Cash Becoming a Rarity

Norway is another Scandinavian country where cash is quickly becoming a rarity. The Norges Bank, Norway’s central bank, has been promoting the use of digital payments for some time. Cash payments account for less than 4% of all transactions in the country.

The central bank has expressed its interest in developing a CBDC, which would further accelerate the transition away from cash. Norway’s payment infrastructure is already well-prepared for digital currency, with nearly everyone using digital payment methods in their daily lives.

4) India – A Push for Digitalization

India has been making significant strides toward becoming a cashless society. The government’s push for digitalization, led by initiatives like “Digital India” and “Make in India,” has resulted in a surge in digital payments and a decline in cash transactions. The demonetization of high-denomination currency notes in 2016 also played a crucial role in reducing the reliance on cash.

While India has not yet launched a CBDC, it has been actively exploring the possibility. The Reserve Bank of India (RBI) has been researching and conducting pilot programs to assess the feasibility and implications of introducing a digital rupee.

5) European Union – Preparing for a Digital Euro

The European Union is also heading towards a cashless future. Many EU member states have already significantly reduced their use of cash in favor of digital transactions. The European Central Bank (ECB) is actively working on a digital euro, a CBDC that could potentially replace physical cash within the Eurozone.

The ECB has launched a digital euro project to investigate the technical and economic feasibility of a digital currency. While it’s still in the research and development stage, the digital euro is seen as a strategic move to maintain control over the payment system, ensure financial stability, and counteract the rise of private cryptocurrencies.

6) United States – Exploring the Digital Dollar

The United States, despite being the world’s largest economy, is not as far along in its transition away from cash. However, the U.S. government and the Federal Reserve are closely monitoring the developments in other countries and are considering the introduction of a digital dollar.

The idea of a digital dollar is gaining traction, with various bills and proposals under consideration in Congress. The U.S. government sees a digital dollar as a means to enhance financial inclusion, increase security, and maintain its influence in the global financial system.

Consecuences of Implementing CBDCs

The implementation of Central Bank Digital Currencies (CBDCs) is a major driver behind the global shift away from cash. CBDCs offer several advantages over physical currency, including increased security, efficiency, and traceability. They also allow central banks to maintain better control over their monetary policy and financial systems.

So, the transition to cashless societies driven by CBDCs is not without challenges. Privacy concerns, cybersecurity issues, and the potential for increased government surveillance are some of the key issues that need to be addressed. Additionally, CBDCs need to be accessible to all citizens, regardless of their digital literacy or access to technology.



the global shift away from cash is being accelerated by the implementation of Central Bank Digital Currencies (CBDCs). While countries like Sweden and China are at the forefront of this transformation, others are actively exploring the possibility of introducing CBDCs to facilitate the transition to a cashless society.

As technology continues to advance and governments seek to adapt to the digital age, the era of physical cash may soon become a relic of the past, replaced by the convenience and efficiency of digital currencies.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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