With Denmark moving towards a completely cash-free economy there has been a heated debate between the experts who think it’s a natural thing caused by technological development and those who warn that total traceability has a dark side. The Danish government has proposed that certain businesses such as petrol stations, restaurants and clothes retailers should no longer be legally required to accept cash. Moreover, a third of the Danish population already uses a mobile payment app when making transactions. Is this trend a natural pace of progress or are officials blinded by seemingly posh perspectives?
RT has spoken to George Harrap, CEO of Bitspark, a Bitcoin startup, and Robert David Steele, IT strategic analyst and innovator, whose biography can be found on robertdavidsteele.com. “Most countries these days already have an electronic money supply. Ninety percent of the currencies are actually electronic. I think it’s already there in some respect. However it’s all about user adoption. So it seems like [in] Denmark and Sweden, there is a large percentage of the population using electronic money. So it all comes down to getting users on board, getting people familiar with using that sort of form of currency and also getting businesses on board. FULL REPORT