Bankomat: State shall provide citizens with cash

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Bankomat: State shall provide citizens with cash

October 22, 2018 - 11:48
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Swedish ATM operator Bankomat thinks that responsibility for providing citizens with cash shall be rested on the state, not on the banks, Bloomberg reports. This opinion was expressed just in time when Sweden is trying to limit its rapid development into cashless society.

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Swedish ATM operator Bankomat thinks that responsibility for providing citizens with cash shall be rested on the state, not on the banks, Bloomberg reports. This opinion was expressed just in time when Sweden is trying to limit its rapid development into cashless society.

Besides, Bankomat announcement was made in response to parliament committee proposal that offered to make large banks handle cash. According to Bankomat, this function is a very important part of the country’s infrastructure and shall stay with the state, while Riksbank’s responsibility in regards to this function shall be more specific and include subsidizing of infrastructure.

According to Sweden’s Association of Bankers, putting responsibility on providing cash only on a few banks might violate EU rules.