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?
I think paper money is bound to be replaced or to be extinct. Just look at how debit and credit cards work, I bet that if there were no cryptocurrencies, that would be the most effective or convenient way of innovation that mankind could think of when it comes to improving the payment system.