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?
We are so mosernized but I disagree of eliminating paper money. Not everyone could afford digital devices to use as their process of payments. The government must think that not everyone that lives in one country are all earning enough money to support their wants and their needs.
Though the idea is really good and it's purpose is clear, it is still hard for us to process everything online or digitally. Some of us are still digital illiterate and is unable to handle devices.