Post
Topic
Board Economics
Re: How much longer until paper money is no longer in circulation?
by
leonair
on 04/02/2023, 04:32:18 UTC
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. Smiley

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.
Yes I agree with you that all the people of current generation are still not familiar with technology and don't know about digital money and how to use it.

Quote
A total of 5.16 billion people around the world use the internet at the start of 2023, which is equivalent to 64.4 percent of the world’s total population.
Source
According to the datareporter article only 64% of people worldwide know and use the internet.  But it is doubtful how many percent of people know about digital money. So I'm still confused how many generations later digital money will be in circulation worldwide instead of paper money. However, as some countries are slowly starting to introduce digital money into the market, it is true that one day in the future, paper money will be replaced by digital money only.