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?
In the next decades, i do not believe paper money will exist.
Digital money is getting bigger for a reason, and one of those primary reasons is the salvation and protection of trees indirectly as well.
Think of how much pollution we create. If paper money is converted to digital money, counterfeit will not be created and the environment will also be protected in this process.