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?
Paper money will be banned entirely? Maybe, but that will be in more than 30 years. And i don't think if it would work at all, i mean many people would be able to do the diary transactions with it. But poverty will only raise in numbers and maybe die because they couldn't afford food with this new tech.
The fact is that I would not have so much to give up paper money so much. The fact is that Bitcoin and other crypto currency despite the increase in popularity in the world, still can not fully replace the real currency. For everyday life, Bitcoin is not very suitable for new people.