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 don't think that they will ban paper money entirely because to much people are using it, and some of them cash everything they have because they don't trust banks.
I personally don't think that it would work and I can't think of a day that paper money will be entirely banned.