Quote from: DanWalker on June 18, 2023, 01:22:12 PM

Quote from: Ozero on June 18, 2023, 04:42:12 AM

Quote from: Sayeds56 on June 18, 2023, 12:54:13 AM

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

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It is very hard to estimate the timeline of potential phasing out of paper money and replacement of credit/debit card with Central Banks digital Currencies (CBDC) as it is a complex task and depends on many factors. These factors include, preparing of infrastructure, educating general public to adopt and accept it & establishment of regulatory framework by governments. Furthermore, important to understand the diverse needs of societies and their preferences, indicating the possibility of a future where multiple systems of payment could coexist. This evolving landscape could include, paper money, CBDC and crypto currencies.

I do not think that ordinary citizens of any state need to approve and strive to ensure that paper money disappears from circulation. If we want to keep the remnants of our privacy and anonymity, we must remember that paper money is the least monitored by governments. Any non-cash money issued by states, governments can and will use to collect confidential information about their users as well as their financial activities.
At the same time, paper money is very easy to use, does not require the use of technical devices and is sometimes simply indispensable for small household transactions.

Indeed, we will still be safer using paper money, and I don't want it to be completely phased out and replaced by CBDCs. But the government doesn't want that because they know that CBDC will give them better control over us, so I think CBDC is inevitable, and we won't be able to stop it. But that's not going to happen anytime soon, at least not in our generation, because our current world is still full of people who don't have access to smartphones or the internet, so it's tough for comprehensive CBDC implementation.

While it is true that physical money provides a sense of stability and familiarity CBDCs have some advantages that should not be disregarded. Although the government may have reasons for putting CBDCs into place such as better control and monitoring it is important to take the bigger picture into account. A more inclusive financial system lower transaction costs greater efficiency and the provision of a more transparent and traceable financial system are all possible benefits of CBDCs. However making the whole switch to CBDCs is a difficult process that needs significant thought and preparation. True not everyone has access to cellphones or the internet at this time which prevents widespread adoption. The switch to CBDCs could nevertheless become more attainable as technology develops and digital connectivity spreads. To create a future that is in line with societal needs and beliefs it is critical to promote a balanced dialogue about this issue assessing the advantages and disadvantages while assuring the participation of all stakeholders.