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
Honestly, we ordinary people also know that printing a lot of money will cause inflation, I don't think the government is stupid enough to not know that. It wasn't bitcoin that came along but we realized that the limited supply is good for the inflation it has shown with gold. Gold can be said to be a very limited supply because gold mining is not easy and challenging. I think that running an economy is not easy, while the population is increasing, supply and demand will be very difficult to handle and the restriction of printing paper money is not too difficult. But they didn't, they must have had a reason.