Re: How long will it take banks to phase out physical cash completely?
Many government were dependent in physical money, and not all is able to adopt in technology many part of my country is still living traditionally without the use of Internet or any appliances that are operated thru Internet, even electricity sometime were lacking. So implementation of no physical money will be impossible to do, it will depend on what country we stay if they are already accepting not physical coins butt not maybe fully operated as every country still needs some physical money due to our elder people who may have problem adopting in these advanced technologies.
It'll be quite challenging to introduce CBDCs to the world, since not many countries are up-to-date with the latest technologies in the mainstream world. Given that many third world countries are still using physical cash above anything else, it may take decades before you and I will be able to see the whole world transacting in digital currencies. Central banks know the benefits of launching their own digital currencies, including (but not limited to) massive surveillance and greater outreach of a person's funds. Which is why I think it'll be the end of privacy once CBDCs start rolling in at a large scale.
In the bright side, crypto will survive even if physical cash transitions to the digital realm in the future. That's thanks to crypto's decentralized and open source nature. The longer banks take to phase out physical cash from existence, the better it'll be for the average individual's financial privacy. Once CBDCs become a reality, there will be a clash between crypto and Fiat. That's largely because Fiat will become as comparable as crypto in the future. While banks will ultimately benefit with the launch of their own digital currencies, the average person will still have the choice to choose between Fiat or crypto. With or without physical cash, the world's economy will remain most likely the same as before. Just my opinion
