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<ul class="summary-list"><li>Norwegian deputy central bank governor <keyword id="10385375" type="UNKNOWN" weightage="60" keywordseo="jon-nicolaisen">Jon Nicolaisen</keyword> resigned on Friday after <keyword id="6356961" type="LOCATION" weightage="60" keywordseo="norway">Norway</keyword>'s security service rejected his security clearance.</li><li>Clearance was denied because Nicolaisen's wife is Chinese and resides in China. The pair have been married for ten years.</li><li>As deputy governor Nicolaisen was in charge of the country's $1.2 trillion <keyword id="169741" type="ORGANIZATION" weightage="60" keywordseo="sovereign-wealth-fund">sovereign wealth fund</keyword>, the biggest in the world.</li><li>Norway has become stricter on ties to China and Russia in recent years, as its intelligence service says they are trying to find out information about the country's petroleum industry.</li></ul>Norwegian deputy central bank governor Jon Nicolaisen announced that he was resigning on Friday, saying his application for renewed security clearance had been rejected because he has a Chinese wife.In addition to setting monetary policy, Nicolaisen had been in charge of overseeing Norway's $1.2 trillion sovereign wealth fund, the world's largest."The Norwegian Civil Security Clearance Authority informs me that the reason that I will not receive a renewed security clearance is that my wife is a Chinese citizen and resides in China, where I support her financially," Nicolaisen said."At the same time, they have determined that there are no circumstances regarding me personally that give rise to doubt about my suitability for obtaining a security clearance, but that this does not carry sufficient weight.""I have now had to take the consequences of this," he said.Nicolaisen's resignation takes effect immediately, according to a statement released by the central bank. It was not immediately clear who would replace him.Nicolaisen was not immediately available for further comment.NATO-member Norway has become stricter in recent years regarding security clearances, making it difficult in many cases to get approval for anyone married to a person from a country with which Norway does not have security cooperation.Nicolaisen was first appointed deputy governor in 2014 and was re-appointed to a second term in April of this year. The central bank said he and his wife had married in 2010.The Chinese Embassy in Oslo was not aware of the resignation and its reasons, a spokeswoman told Reuters."I will miss Jon Nicolaisen in his post as deputy governor, where he performed his duties superbly as a close colleague and competent professional," Central Bank Governor Oeystein Olsen said in a statement.Norway's PST intelligence service said that Russia, China, and other countries were using espionage to glean secrets of Norway's petroleum industry and its government's plans to cut or increase oil and gas production.Norway is western Europe's largest petroleum producer with daily oil and gas output of around 4 million oil-equivalent barrels.

The head of the world's biggest sovereign wealth fund was forced out because his wife is Chinese

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul><li>The deputy governor of the Norwegian central bank believes that the country is effectively cashless.</li><li>Use of physical money is incredibly rare in the Scandinavian nation, with fewer than 10% of transactions including cash.</li><li>Cashlessness is on the rise globally, with almost 40% of Brits saying they can see themselves ditching the use of cash altogether in the future.</li></ul> LONDON - Norway has effectively become the world's first cashless society, according to one of the country's most senior economic policymakers.Speaking during the City Week conference at London's Guildhall, Jon Nicolaisen, the deputy governor of Norway's central bank, argued that the level of transactions using cash in the Scandinavian country is now so low that it can be considered cashless."By approximation, I would argue that the present is cashless," he said, during a discussion of the future of paper currency, chaired by the Bank of England's chief cashier.Nicolaisen had the figures to back up his argument. "According to our latest numbers, we have less than 3% of broad money in cash," he said, adding that "less than 10% of the number of transactions, including buying coffees, are in cash."Money is now almost entirely transferred electronically, he continued, saying that 90% of transfers in the country are now done via some electronic means."In many ways, we are already becoming a cashless society," he continued.Rising cashlessness, Nicolaisen said, is not anything to do with the central bank's preferences, but simply represents the wishes of those who use money on a daily basis - the country's consumers."We have no wish to eliminate cash. It is the public itself that chooses other means of payment," he said.It is not just in Norway where cashlessness is on the rise, with the whole of Scandinavia effectively moving away from physical money. <a href="http://uk.businessinsider.com/sweden-cashless-society-negative-interest-rates-2015-10">As early as 2015 people were suggesting that Sweden is virtually cashless, </a>and there is even anecdotal evidence that some beggars and buskers have card terminals, such is the lack of physical money in circulation.<a href="http://uk.businessinsider.com/sweden-cashless-society-negative-interest-rates-2015-10">As Business Insider wrote in 2015:</a> "Sweden is the place where, if you use too much cash, banks call the police because they think <a href="http://www.sciencealert.com/sweden-is-on-track-to-become-the-world-s-first-cashless-society">you might be a terrorist or a criminal</a>."Scandinavian nations, and neighbouring Finland, are famously forward thinking when it comes to the future of money, <a href="http://www.businessinsider.com/finland-to-end-basic-income-experiment-2018-4">with Finland recently launching an experiment with Universal Basic Income</a> - a concept which effectively give citizens free money.Cashlessness is also on the rise in the UK, with a recent survey conducted for Business Insider showing that almost 40% of Brits can see themselves ditching the use of cash altogether in the future.Globally, Nicolaisen said, cash could completely disappear within the next decade. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/larry-hatheway-gam-economist-biggest-market-fear-tax-policy-trade-2018-4">A $163 billion chief economist outlines his biggest market fear</a></h3> <div> </div> </div>

Fewer than 10% of people in Norway use cash - and a senior official thinks it could disappear completely in a decade

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The head of the world's biggest sovereign wealth fund was forced out because his wife is Chinese

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Fewer than 10% of people in Norway use cash - and a senior official thinks it could disappear completely in a decade

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