Re: How much longer until paper money is no longer in circulation?
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.
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.
The number of countries using CBDCs may be small, but that's bound to change in the future. After all, the agenda is to eliminate privacy for good. The new digital cash system will enable mainstream governments to gain better control over people's finances. What wouldn't had been possible with traditional paper money, will become possible with a CBDC. The implementation of this system at a large scale worldwide is going to take a few decades from now.
With decentralized cryptocurrencies in play, we don't have to worry about CBDCs taking over our privacy ever again. At least, we'd get to enjoy paper money while it lasts. Just my opinion
