Re: How much longer until paper money is no longer in circulation?
Technological developments have encouraged the government to innovate to make it easier for people to make transactions. Cryptocurrency technology has opened the eyes of the government to increase public interest in official money issued by the government, the popularity of Bitcoin and other crypto assets has made the government launch CBDC.
CBDC can only be accessed through the internet network, imagine if the internet is not available in some areas, people cannot make transactions if banknotes are no longer in circulation. The presence of CBDC to facilitate transactions, CBDC and paper money will work side by side without having to eliminate one of them because both have their own advantages and disadvantages.
CBDC can only be accessed through the internet network, imagine if the internet is not available in some areas, people cannot make transactions if banknotes are no longer in circulation. The presence of CBDC to facilitate transactions, CBDC and paper money will work side by side without having to eliminate one of them because both have their own advantages and disadvantages.
Lack of internet access wouldn't prevent CBDCs from taking over the world. Governments will eventually fix the problem by giving access to the Internet to everyone via the use of satellites (or any other device). While paper money is a "useful tool" to most people, it's certainly a headache for central banks and governments alike. They can't trace or easily confiscate paper money transactions than those linked to credit/debit cards. Therefore, the ultimate solution would be to "phase out" paper money and force people to use digital currencies of their own. Who cares about CBDCs when we already have decentralized cryptocurrencies such as Bitcoin and Ethereum? Just my opinion
