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 think the trend of using paper money has been slightly reduced because people often use digital money via credit card .As well as Bitcoin is one form of money cryptocurrency are often used because it is easier to be transferred in a broad scope but the government has not been able to stop producing paper money.