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Printing of banknotes in Scandinavia to stop on Friday: report

Xinhua, December 20, 2016 Adjust font size:

The last Scandinavian printing press will stop working on Friday in Copenhagen as Norway, Sweden and Denmark could soon become world's first societies that do not use banknotes, newspaper Aftenposten reported Monday.

The Danmarks Nationalbank in Copenhagen will follow Norway's example to move its money production abroad. Norway stopped printing of banknotes already in 2007 and the new Norwegian banknotes that were presented in November will be printed in France and Britain, the report said.

Sweden has done the same and moved the production to the United States and Finland.

Denmark will also move their coin production to Finland and are still searching for a cheap place to print its banknotes, Aftenposten wrote.

According to financial website Bloomberg, this will probably make the Scandinavian countries cash-free in couple of years.

One of the most important reasons that many nations aim to be cash-free in the future is the smaller possibilities for tax evasion, corruption and criminal activities and many economists believe that a cash-free society can increase tax income.

Scandinavian banks DNB and Nordea both stated plan to remove all cash in Norway. Endit