Re: How much longer until paper money is no longer in circulation?
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'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.
It's a bit of a catch-22 situation, because the majority of the world have been brought up in a society that was largely built around having easy access to physical coins and notes. However we're now getting to a stage where there are lots of different alternative electronic methods that we can pay for things - Apple Pay, Credit cards, Paypal, Cryptocurrency, etc. This means we have plenty of fall back solutions but there are drastic scenarios like the internet getting severed in times of war where we would definitely need some sort of exchange of value that does not rely on the internet to function, however in such an extreme scenario we might all be back on rations anyway.