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.
I believe that cash paper money will be in demand even in the distant future and will be actively used by people in everyday payments. Of course, non-cash money is gradually replacing cash, but up to a certain limit and depending on the level of development of the state, the degree of urbanization and the level of income of citizens. But in some cases, cash is simply irreplaceable and if cataclysms periodically occur on our planet, and we see that everything is heading this way, then cash in extreme situations, when there are failures in the operation of technical means, will continue to be used.
In addition, it should be remembered that cash is the least traceable by government agencies and in this they are similar to cryptocurrency. In addition, states and their banking systems set too many different restrictions on the number of maximum amounts and the frequency of transactions, which leads to periodic blocking of transactions with subsequent explanation of sources of income, the need to prove the absence of intent to commit fraudulent actions and many other similar situations that significantly complicate the use of non-cash money.