A Country Full Of Cyborgs? – Microchip Payments In Sweden

Blockchain, FinTech, News | March 7, 2019 By:

Sweden is considered to be one of the most open-minded countries on the European continent. They are always in the headlines when it comes to social reforms and inclusive innovations. However, they are also quite tech-savvy. So tech-savvy in fact that some of the population have decided to turn themselves in literal cyborgs.

Now, this doesn’t mean that they will have massive guns coming out of their hands, however, they will be able to make their payments with those hands. Microchips in Sweden have been documented before. It is a small chip that a person can insert under their skin and go completely cashless, even card-less. The Nordic country was actually one of the best places for the innovation to be implemented and here’s why.

Cashless society

According to scarce reports, the Swedish population has been abandoning the use of cash as a means of payment for a long time now. Back in 2011, when the world was still recovering from the 2008 recession, Sweden was prospering enough that 60% of the population had abandoned the use of cash. It may be the indicator as to why the economy managed to go largely untouched, as the government was able to cut costs in terms of money-printing.

Furthermore, cryptocurrencies are becoming a popular payment method with the Viking descendants, thanks to the massive digitalization. There are two primary reasons behind this. One is that investors are able to avoid large taxes on profits thanks to the anonymity of cryptos, and the other part is online gambling. The Swedes have extremely strict regulations when it comes to online gambling, to a point where it is virtually impossible unless you do it with the local “monopoly” companies. According to reports from https://casinopånett.eu, ever since cryptocurrencies became popular in Sweden, people flocked to online casinos and are continuing to do so.

Cyborgs or just a fancy accessory?

This open-armed welcome of cryptos is one of the reasons which inspired the implementation of these microchips. Seeing how most of the population was moving away from cash money in general, a more convenient way to make digital payments needed to be implemented. As of today, only 11% of the Swedish population is prone to use cash on a daily basis, while others haven’t gone to an ATM in over a month.

Blockchain companies also saw a lucrative opportunity in these new microchips and are rumored to have started working on similar hardware crypto wallets that you can insert under your skin. Considering the fact that cryptos are usually paid via online payment methods and not terminals, it could prove redundant, unfortunately. But, seeing how their neighboring country, Norway created its own private city where only cryptos are used, these new microchip implants could become a social norm, rather than a rarity.

All in all, the popularization of Microchips in Sweden is a way to bolster the popularity of cryptocurrencies as well. The more attention this new implant garners, the more prone it is to grow. For now, however, only around 4,000 people have shown willingness to use them.