Denmark has moved one step closer to becoming the world’s first cashless society, as the government proposes scrapping the obligation for retailers to accept cash as payment.

The Danish government has said that as of next year, business such as clothing retailers, restaurants and petrol stations should no longer be legally bound to accept cash payments.

The proposal is part of a package of economic growth measures, which are being released ahead of this year’s Danish election. It aims to reduce costs and increase productivity for Danish businesses.

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