Quote from: n0ne on January 14, 2023, 11:23:12 PM

Quote from: Ayers on January 14, 2023, 08:31:49 AM

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Quote from: impresiones on January 14, 2023, 06:02:28 AM

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

I think the phasing out of paper money is still possible but it won't happen in the near future, and it may take longer than we think. As you say, if we can successfully reduce the circulation of paper money, then just more time to get rid of it completely is possible.

To be honest, paper money causes some problems such as printing and circulation costs, and is quite cumbersome if shipped in large quantities. But in some cases, paper money also gives us convenience such as paying small bills very quickly, and using paper money still gives us a little more privacy than an account bank or CBDC.

Phasing out of paper money is not at all possible. When paper money gets its usage stopped, automatically it takes another form. The paper money comes in the digital form. The usage comes to an end only if each and every country agree to stop using paper money. Everything runs on a cyclic process, same is with the financial structure. We've evolved from the barter method to the cryptocurrency and maybe once again we can move back to the barter method. So, usage of paper money will continue amidst all form of technology based development.

If the world continues to develop and there are no disasters like World War 3, the technologies will still be preserved and developed, I don't think there's any reason for us to go back to the barter method. We're moving towards convenience, eliminating bulky stuff, so there's no reason to return to the previous methods. I am not saying that paper money will be phased out any time soon but certainly in the future, CBDC will be the first experimental step to get rid of paper money.