Re: Is Cash (Paper Money) Still King?

Quote from: Davidvictorson on Today at 07:34:00 PM

Quote from: Abiky on Today at 06:37:56 PM

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

As a Nigerian living in Nigeria, Cash is still very much the king. I could even add that Cash is the emperor Grin

We pay for 90% of things with cash. Even after my country launched their own CBDCs almost no one uses it. Unfortunately because of how disorganized the country is, citizens have to buy their own currency from cash merchants.

The main reason behind the use of cash by many Nigerians as opposed to digital transfers is because a lot of persons now see the selling of cash as business. I still remembered in the time of cash scarcity how difficult it was just to have access to cash and those who were privileged to where rather selling it with high profits and till date it's now turning to a norm especially now that the festive period is here.

As for the Nigerian CBDC, citizens don't interest themselves with it because they feel the system isn't transparent and therefore trust is lack in-between, and by estimation, not up to 15% of Nigerians have an idea that CBDC exists how much more making use of it.