Re: How much longer until paper money is no longer in circulation?
In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.
Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.
With crypto becoming popular each day, banks will rush in the development of CBDCs to avoid being left behind in the dust. Once paper money is gone, we'll have no way to achieve financial privacy other than using a privacy-oriented cryptocurrency such as Zcash or Monero. Who knows if paper money is phased out faster than we've previously imagined? Just my thoughts
CBDC could indeed upend conventional banking but could also grant governments unprecedented financial oversight, infringing upon privacy. Privacy-centric cryptocurrencies might offer a respite but not without their risks, including security and regulation.
Moreover, the belief in a smooth transition to a cashless society may gloss over socio-economic inequities within and across nations.