Re: How much longer until paper money is no longer in circulation?
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.
Governments are going to need to provide the necessary tools to help spur the adoption of CBDCs worldwide. Otherwise, don't count on paper money disappearing anytime soon. I'm pretty sure we won't be using paper money forever, especially when the world evolves over time. The future of money is complete digitalization, so paper money in its current form will become history. China has been at the forefront of CBDC development, but it should only be a matter of time before other countries follow suit.
There are already plans among the world's superpowers to launch CBDCs of their own. The US and the EU have already announced their intentions of doing so. You can thank Bitcoin for helping banks rethink the way they issue/handle the world's money supply. They have no choice but to digitize Fiat or be left behind in the dust. No one knows what the future holds, so we can only hope for the best. Just my thoughts
