The Next Push to Ban Cash Is Coming From Cashless Denmark, Which Boasted Zero Bank Robberies in 2022

The Danske Bank in Copenhagen, Denmark, on Sept. 25, 2018. (Mads Claus Rasmussen/AFP/Getty Images

The next push to ban cash may come from crime statistics, as cashless Denmark boasted zero bank robberies last year.

The campaign to end paper currency is becoming a hot button issue for many, as other countries and the World Economic Form, an international nongovernmental and lobbying organization, are considering replacing it with digitized currency.

However, Denmark, which has reduced the use of hard cash in recent years, recorded its first year without bank robberies, the Scandinavian nation’s finance workers union Finansforbundet told the Daily Mail in a statement.

“It’s nothing short of amazing. Because every time it happens, it’s an extreme strain on the employees involved,” said Steen Lund Olsen, vice president of the union.

“It’s something you can’t even begin to understand the emotional impact of if you haven’t experienced it yourself,” Olsen added.

Denmark Sees Bank Robberies Decline, as Less Cash Is Stored in Banks

Bank robberies are becoming a thing of the past in the Nordic country, as many Danes use less cash as they transition to credit card and app payments for financial transactions.

Cash withdrawals there have dropped by about three-quarters over the last six years, according to data from Danmarks Nationalbank, Denmark’s central bank. The central bank reported in March 2022 that the use of cash had declined from 23 percent of payments in 2017 to 12 percent in 2021.

The pandemic has greatly accelerated the abandonment of cash in Denmark, said the central bank.

The financial workers union said on Jan. 2 that Denmark’s nearly cashless system has caused banks to gradually removing cash services from most branches to cut costs, leaving little for robbers to steal.

Approximately 20 bank branches across Denmark still have cash holdings, according to Finance Denmark, the country’s largest industry group for lenders.

Bank robbers reportedly find it no longer profitable to steal from financial institutions.

There were 221 bank robberies in Denmark in 2000, but numbers fell to less than 10 per year by 2017, and only one bank robbery in 2021, according to the financial industry group.

As cash disappeared from banks in Denmark, robbers began to target ATMs instead, with attacks peaking at 18 in 2016. By 2021, however, there were no longer physical attacks on ATMs because of improved surveillance and cash-protection techniques.

Physical robberies have now been largely replaced by online bank fraud and other digital crimes, according to Finance Denmark.

Online banking scams are generally less risky for criminals, which have led to a growth in financial losses, forcing banks to introduce new procedures that limit large money transfers.

Other Countries Take the Lead on Digital Currencies, Despite Strong Opposition

Meanwhile, the United Kingdom has taken the lead among the major economies in moving away from the everyday use of cash, but 65 percent of Britons surveyed opposed going fully digital, despite 57 percent admit rarely using banknotes, according to a YouGov/Bloomberg survey.

The Bank of England, which is working on the creation of a digital pound for online payments, said it would still continue to support those wanting to use cash.

The central bank, in October 2022, reported a 17 percent rise in cash in circulation since the pandemic, hinting that more people are hoarding their cash, even if they use cash less in daily transactions.

Although cryptocurrencies and online bank accounts have risen in popularity in recent years, many people are still storing banknotes into envelopes at home to help budget their savings.

Many people also fear loss of privacy and government control over personal expenditures, or even something similar to the credit score systems implemented in China.