Norwegian professor advocates putting kybosh on cash / News / The Foreigner

Norwegian professor advocates putting kybosh on cash. Claims that it’s time for change. It seems that Professor Kai A. Olsen at the University of Bergen believes that money is not worth the paper it’s printed on. He would like to see banknotes phased out in favour of credit cards.The preferred choice His suggestion has nothing to do with controlling the rate of inflation, though.

kai, olsen, bergen, university, kristin, halvorsen, finance, minister, cash, criminals, credit-cards, black, economy



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Norwegian professor advocates putting kybosh on cash

Published on Wednesday, 22nd July, 2009 at 21:56 under the news category, by Michael Sandelson   .

Claims that it’s time for change.

Close-up of pistol and dollar background
Close-up of pistol and dollar background
Photo: KSLight/Shutterstock Images


It seems that Professor Kai A. Olsen at the University of Bergen believes that money is not worth the paper it’s printed on. He would like to see banknotes phased out in favour of credit cards.

The preferred choice

His suggestion has nothing to do with controlling the rate of inflation, though.

“We would rid ourselves of the black economy without banknotes, and it would be more difficult to be a criminal,” aftenbladet.no reports the professor as saying.

Kristin Halvorsen, the Minister of Finance, agrees.

“It’s important to limit the use of cash in order to inhibit the black economy. Luckily, more and more are comfortable using cards and Internet-banking,” she tells the Norwegian News Agency (NTB).

Governmental intervention

The professor believes that it’s time for the government to act on the issue, and suggests starting with the 1,000 and 500 kroner denominations.

“Norway is long overdue for ridding itself of cash.”

It looks as though the need for banknotes is dwindling. Figures released by BBS – the banks’ central clearing and payment system, - reveal that in the first six months of 2009, Norwegians used their cards over 469 million times.

Despite this, however, Halvorsen doesn’t think that banning cash entirely is an option.

“There are still many, particularly elderly people, who experience cards as being strange and unsafe.”

Looking at some of the Norwegian readers’ opinions on the matter on Aftenbladet’s Internet debate pages, it doesn’t look as though the professor gets much support.



Published on Wednesday, 22nd July, 2009 at 21:56 under the news category, by Michael Sandelson   .

This post has the following tags: kai, olsen, bergen, university, kristin, halvorsen, finance, minister, cash, criminals, credit-cards, black, economy.





  
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