Quote from: JoKleinTopper on January 27, 2021, 08:46:46 AM

I don't think cash can be phased out. Coz the elderly need them and cash is the most stable money in the real world. What if electricity breaks down?

Good point. There are quite a few challenges when it comes to replacing physical cash in its entirety. One of the biggest ones is the lack of electricity and/or Internet access. Additionally, the elderly won't feel the need to abandon cash altogether. Governments and central banks will have a hard time trying to implement their newly-improved monetary system in the mainstream world. It's why I believe this process will take decades before it becomes a reality. With COVID-19 having a positive effect on digital payments adoption, most people will find it easy to switch from physical cash to a CBDC. Crypto won't be going be going anywhere thanks to its decentralized and open source nature.

Nonetheless, there's no need to worry about CBDCs replacing physical cash in the time being. We can continue to enjoy physical cash payments while it lasts. But be aware that the launch of CBDCs will mark the end of an era for privacy. Governments and central banks will have full control over your money as their surveillance abilities are increased. Fortunately, crypto will be there to save the day. How fast will CBDCs replace physical cash will greatly depend on how well people adopt the new system in the mainstream world. Just my thoughts Grin