Post
Topic
Board Economics
Re: Is Cash (Paper Money) Still King?
by
sokani
on 27/12/2024, 15:46:14 UTC
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. Smiley

It's same where I am, physical cash has lost the battle of dominance to digital payments and the government played a crucial role to make this happen. I guess the cost to printing cash is the main reason why they championed the use of digital payments. According to data by the central bank, over the years, they've continuously cut the cost for printing cash. Thus, printing fewer cash and also making policies to foster to use digital payments which has paid off. Now, people don't really carry cash around, they mostly use bank transfers, credit/debit cards and crypto assets to pay for good and services.