Re: How long will it take banks to phase out physical cash completely?
Getting rid of physical cash is not feasible because they are convenient and effective immediately. Imagine when a mobile device loses its internet connection or runs out of battery, we cannot use our money. People who don't own a mobile device are even more terrible, cash is more practical. We don't need to do anything but take them out of our wallet and use them immediately.
For what I know, nothing is perfect. Digital currencies have their flaws the same way physical cash does. It'll be up to central banks and mainstream governments to mitigate or reduce issues as much as possible. I believe that banks will find alternative ways for people to interact with CBDCs even if there's no Internet access at all. Satellites, mesh networks, and other means can be used to send/receive digital currencies without the need for an Internet connection. My guess is that central banks will use these methods in order to keep their blockchain networks up and running during outages or natural disasters.
Nonetheless, implementing a digital cash system backed by the government is not an easy task. Physical cash's demise will take longer than we've expected. The new digital cash system (CBDC) could transform the world's economy in a few decades from now. At least we won't have to worry about physical cash being replaced during our lifetimes. Just my thoughts
