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.
Feel free to share your thoughts. Thanks.
Is the world still a place with CBDCs, the last I read a headline about it was in 2023. I'm not really sure if CBDC is the reason why we are going digital but policy changes are making business go digital. Last year, my country was trying to go cashless policy because the government was trying to mop the floor of the too many circulation of money supply but that didn't last upto 3 months before it was reverse as many people couldn't cope with the policy.
However, the government saw a huge influx of digital transactions it has not experienced in many years, till now some business are still doing digital transactions and also accept fiat as alternatives for people that don't have means to digital. The government abandoned the policy simply because they were not prepared for other people, like the people without internet access, it was disastrous for them. Not everyone can digital at once.