There is a growing movement in countries laying the foundations for totally digital currency transactions. Physical currency has a been around for an extremely long time with some historians believing that the first true coins in the world were minted in Asia Minor around 640 BC. Since then, cash has become completely embedded in our global financial culture as a physical entity readily accepted and is sometimes referred to as being the 'king of payments.' However, with future generations growing up with ready access to more and more cashless payment systems, foundations are being laid by countries in preparation of making all monetary transactions entirely digital.
The appeal for using digital currencies is universal and although Asia is a key focus for Dragon, the hyper-connected world that society operates within means that Dragon Coin, the worlds number one entertainment coin can be used everywhere. The following is Dragon's review into the growing trend seen in several European countries as they pursue a completely cashless society.
The country widely regarded as being at the forefront of having a cashless economy is Sweden. And perhaps rightly so as cash comprises only 2% of all transactions and as a direct result of this, less than 20% of physical stores in Sweden now accept cash. If this trend continues, and there is no reason that it shouldn't, amazingly, Sweden is expected to be an entirely cashless society by 2023. The reasoning behind Sweden having such low cash usage is linked to a multitude of factors. The countries extraordinary high level of public confidence in the banking infrastructure and the fact that the national Swedish mobile payment solution is used by almost half of the country.
Furthermore, the overall decision to not use cash is one that citizens have naturally been drawn to, as public transport can only be used if fares are purchased via a digital payment. Additionally, many new emerging businesses solely accept digital payments and are experimenting with systems other than the official Swedish system – the power and versatility of Dragon Coin could provide the ideal solution for these businesses.
The positive effects shown by Sweden's almost cashless society is one that has been observed and admired by many other European countries. The German Ministry of Finance in February of 2016 released a proposal to limit cash payment transactions to an amount of €5000. The German people did not positively receive the proposal; however, it is clear that society needs to consider and revise the role of cash in today's day and age.
Stepping away from Europe momentarily, another country that has delved deeper into the position that cash plays within its society is Canada. Canada is renowned as having a very sophisticated level of development that it robustly applies to its payment systems. The country operates on one national debit card system and then with only three major credit card network operators; Visa, Mastercard and American Express.
The Canadian government have made it clear that they are at no rush at all to go entirely cashless as digital currencies move towards mass adoption, they expect to have only 10% of transactions fulfilled in cash by 2030. In 2018, The Bank of Canada released a study titled “Is a cashless society problematic?” Their research showed definite advantages to going forwards with implementing digital payments and that their predominant use would not cause any significant systematic problems.
There is some correlation evident in the three examples given; however, further discussion of how to create digitised payment solutions with the end-goal of eliminating cash as a whole is needed. Naturally, this leads to the talking point of the role that cryptocurrency and blockchain solutions will play and countries are definitely starting to take notice.
Sweden, for example in October of 2018 stated that they would be testing a nationals Swedish cryptocurrency called the e-krona. The Swedish national bank, Riksbank concluded that “It is important to update the money the Riksbank issues to a format that suits the modern economy.” Early in 2018, Germany recognised Bitcoin as a currency and the German Ministry of Finance stated that cryptocurrencies are equivalent to other legal means of payment. In a similar time frame, the Bank of Canada released a report 'Central Bank Digital Currency and Monetary Policy'. The report states that a central bank-issued cryptocurrency would benefit the overall wellbeing of Canada's economy.
Many of these benefits can already be seen in the way that Dragon is evolving traditional business practice through blockchain innovation. The ability to conduct fast, frictionless payments in a range of vertical markets are at the heart of Dragons Blockchain Solutions.
The Dragon Social Wallet (DSW), is free to download from here and combines superbly with the extremely user-friendly Dragon Exchange. The Dragon Social Wallet allows near-instant transactions with low fees of 0.5%, and on top of that, all DSW to DSW transfers are free. So why not take a moment to sign up on the Dragon Exchange, download the Dragon Social Wallet, then take in the latest news on the Dragon Blog. And once you’ve done all of that come join in the excellent discussion going on in the Dragon Telegram group.