Central Banking

Riksbank study questions status of cash as legal tender

swedish-krona1

The Swedish legislator should consider abolishing the unique status of cash as legal tender, according to researchers at Sveriges Riksbank, who argue that consumers would benefit from more "neutral" legislation.

Under the existing Sveriges Riksbank Act, banknotes and coins issued by the Riksbank are classified as legal tender, which means "everyone is obliged to accept [them] as payment".

With the advent of other forms of payments, however, cash use in many developed and developing countries is

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