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?
The study of digital currency is not about the application of the currency to achieve a certain technical solution, but it is essentially to pursue the convenience, convenience and low cost of the retail payment system. Security and privacy must also be considered. Several things that can be either billing is based on block chain or distributed technology, DLT based on the digital currency, can also be based on the existing electronic payment technology evolution.
With the development of the digital currency, it is not ruled out that things like paper money and COINS may gradually shrink in the future, and may not even exist one day.