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 my own opinion, paper money will be still necessary even in the future because there are people in the community who cannot really manage to earn cryptocurrency, another thing is that, banks will also complain because their business will die if they did not do anything to compete on the growth of cryptocurrency.