Quote from: Poppy on October 20, 2015, 04:28:08 PM

Quote from: Huobi-USD on September 21, 2015, 07:23:32 AM

Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:

Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?

I do not like it if they ban paper money. I use it for just about anything.

They won't ban it. People will stop using it, maybe there will be some shops where you can pay only in cash but nowdays most of the merchants has at least a POS terminal.
Since I have received my first PayPass enabled card, I'm lazy enoug to go only to those shops where I can use it in the contactless way. If I have to use the chip based transaction, I'm feeling like back in 10 years, if they want me to swipe the card and sign the slip, I would run away, screaming

But 10 years before, chip and PIN without signature was the cool thing, now it's ancient.
(Of course, I'm talking generally, only about my country and I know that my parent's generation will use only cash in the future as well)