Norway's biggest bank DNB calls for the end of cash

The bank claims a large amount of cash is being used in laundering schemes and the black market.

Matt Payton@paytesy89
Saturday 23 January 2016 12:03
Could Oslo become Europe's first cashless capital?
Could Oslo become Europe's first cashless capital?

Norway's largest bank has called for the country to go totally cashless over fears of illegal activity.

DNB has said 60 per cent of Norwegian cash usage is out of government control and is being used in money laundering schemes and black market deals.

Executive vice president Trond Bentestuen told VG there is approximately 50 billion kroner in circulation with the central Norges Bank only being able to account for 40 per cent of its use.

He added:"That means that 60 per cent of money usage is outside of any control.

"We think much of it revolves around the black economy and money laundering.

"There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out."

The Norwegian Ministry of Finance has opposed the bank's proposal while Mr Bentestuen has admitted the process of going cashless "will likely take some time".

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