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Which explains why Norway's biggest bank, DNB, has called for the country to stop using cash which is just the latest move in a country that has been leading the global charge toward electronic money in recent years, with several banks already not offering cash in their branch offices and some industries seeking to cut back on paper currency.
DNB's proposal suggests eliminating the use of cash would cut down on black market sales and crimes such as money laundering.
“Today, there is approximately 50 billion kroner in circulation and [the country’s central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money usage is outside of any control. We believe that is due to under-the-table money and laundering,” Trond Bentestuen, a DNB executive, told Norwegian website VG, the Local reported.
“There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out,” he added.
deserve to have a meeting with a lamp post
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I can think of few things more loathsome, foul and repugnant than a bank employee who even thinks like this. It isn't your fucking money, teller boy. You do not get to know what I do with my property, and that includes my money, cash, PMs or any other asset, asshat. In a free country, that man would never work in finance ever again. He'd be a pariah, shunned by all. What an obscenity.