Quote from: Abiky on November 09, 2022, 10:47:16 AM

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

I believe so far from this Central Bank Digital Currency (CBDC) Traker site, we can see that up till 2022 as was reported

only 11 countries have actually launched the CBDC and some have even canceled that idea while others are on different faces with it when you filter by each title. However, I don't think adopting CBDC was meant to totally displace the paper money, maybe reduce its use as is the case with Nigeria now where the Federal Government along with Central Bank just redesigned the Naira and has also limited the total amount printed in order to boost the use of Digital financing like the e-Niara along with the limited paper Naira available.