Topic: How long will it take banks to phase out physical cash completely? - page 6. (Read 4133 times)

We can't really phase out or get rid of the physical money when there is still people who don't even know how to use a device to manage their cryptocurrencies unless the government find a way to make it easier like having a crypto card for everyone but i doubt that this event will happen soon, physical fiat will be here in the world for atleast a century, let us think about the indigenous people who are clueless about these things, if we go cashless without thinking them how will they adopt to us and same thing goes with poor families

I think the contrary. It's easier to make numbers disappear on screen.  I'm sure the corrupt will find a way to move money around without a trail in such a system. It's also a boon for authoritarian governments.

Within a decade would probably be the soonest. In the developed country, they already have the requirements - stable internet connection, everyone have smartphones, etc. People just need some nudging to transition.

I can totally see governments endorsing this. I mean even in my country with poor connection the government encourages digital payments due to the WuFlu. It's in their best interest that they can access your money if they want to and lock you out of it if they need to.

First of all, I see no need to completely abandon the use of cash. Then we will be completely dependent on various technical means of data transmission, and this is not always acceptable and not always convenient. There will always be cases where cash is the most convenient form of payment.
In addition, it should be borne in mind that it is almost impossible to trace cash, while non-cash forms of payment will be completely controlled by governments. Cash in various forms has been used by people for thousands of years and will be used for a very long time.

For sure it will take a long long year's before they phase out the use of the physical money today not all of the people in the different places are still in the world of technology there are in the rural places does not have an internet connection and does not have any knowledge on the new kind of payment. They are still on the day when we are using physical money also this is the preference of the people as the mode of payment. This is part of their norms, try to show them the use of the digital currency they will not take it because they don't know and they are afraid to take a risk to a thing they don't see in their entire life.

Also, the government won't remove the use of physical money, not all the people are connected yet to modern technology so they stick to the traditional one.

I don't think we can totally eliminate cash and go totally cashless as a whole. Fiat money existed long before and it has a purpose why it's being used up until today.

Sure, innovation and advancement in technology are really great in terms of bringing convenience to the users, but I certainly think physical money won't be phased out by the banks anytime soon or some time in the future. However, because of being popular and widely used of digital and online transactions, printing of money can possibly decline over the years. Since most likely, people would have access to e-money and online platforms.

Again, it's very ideal to be a totally cashless community. It has its pros and cons which I believe has a thread citing those things. I just honestly don't think phasing out physical money can happen soon because not every country's economic state has the ability to do so, but that's just my two cents. I'm stating based on my knowledge and collective information over the Internet.

For me, I think governments will not stop printing physical money because that is where people are educated or started it is too hard for them to adopt digital cash because I know majority of these people prefer the use of fiat because that is where they find themselves convenient most especially in buying/paying small quantities of goods or services. On the other hand governments are now trying to introduce digital dollar or any other local fiat curreny into the digital assets and for sure it will take too much time for them to fully operate and implement this what we called cashless society.

When we become too dependent on electricity and the internet to support the smooth use of technology, I think we must also prepare a standard operational procedure in the event of a blackout. A high level of dependence is directly proportional to the weakness which is destructive in the event of a disturbance. Starting from the sectors of communication, finance, energy, health, transportation, entertainment, social media, weather forecasts and even cargo will be disrupted if a blackout occurs, and so far there has been no simulation or even guidance if this happens.

For that thing to happen that banks will completely phase out cash will take a lot of time to make happen for they are not just the ones deciding whether they must or must not clear out the usage of cash or fiat money. It is in need to take consideration of people patronizing cash rather than using digital money for not all are privileged to have an access on digital money. People will be the biggest element to know if cash will be phased out or not. As long as people are in need to use cash for it is their call of demand, banks cannot do such thing of completely clearing out cash for welfare and wants of the people must be considered if it will be favorable to all and not just on certain groups of people. Once there would be a total adaption and acceptance of digital money and people are not already calling for the use of cash that it exist for nothing, maybe that would be the time that banks can totally clear our physical money.

Yes it usually depends on the thinking power of each person if they have the will they not feel the problem even if there is no electricity they will be ready to move forward depending on their will power now people are no longer ignorant technology is constantly being updated. In that case even if the bank takes time the internet will work faster.

It'll be quite challenging to introduce CBDCs to the world, since not many countries are up-to-date with the latest technologies in the mainstream world. Given that many third world countries are still using physical cash above anything else, it may take decades before you and I will be able to see the whole world transacting in digital currencies. Central banks know the benefits of launching their own digital currencies, including (but not limited to) massive surveillance and greater outreach of a person's funds. Which is why I think it'll be the end of privacy once CBDCs start rolling in at a large scale.

In the bright side, crypto will survive even if physical cash transitions to the digital realm in the future. That's thanks to crypto's decentralized and open source nature. The longer banks take to phase out physical cash from existence, the better it'll be for the average individual's financial privacy. Once CBDCs become a reality, there will be a clash between crypto and Fiat. That's largely because Fiat will become as comparable as crypto in the future. While banks will ultimately benefit with the launch of their own digital currencies, the average person will still have the choice to choose between Fiat or crypto. With or without physical cash, the world's economy will remain most likely the same as before. Just my opinion

Many government were dependent in physical money, and not all is able to adopt in technology many part of my country is still living traditionally without the use of Internet or any appliances that are operated thru Internet, even electricity sometime were lacking. So implementation of no physical money will be impossible to do, it will depend on what country we stay if they are already accepting not physical coins butt not maybe fully operated as every country still needs some physical money due to our elder people who may have problem adopting in these advanced technologies.

I think in my country it will not happen to phase out physical money even there is already a digital money or credit/debit card. Not all knows how to use cashless method and it is a long process. Not even have a good internet connection. There's a lot to consider before phasing out physical cash.

With many countries still behind others in terms of adopting the latest technologies, digital currency payments' growth will stifle. For governments to be able to roll out their CBDC solutions, there needs to be widespread Internet access all over the world. And that could take decades to happen. Not to mention, physical cash needs to be phased out from existence at a slow and steady pace.

For what I know, it's not a priority to transition from physical to digital cash. Of course, there are added benefits such as faster transaction processing times and higher efficiency to banks using CBDCs. But physical cash can still do well in a digital economy dominated by crypto and credit card providers. No matter how far crypto reaches in terms of mainstream adoption, it'll never be able to compete with banks directly. That's largely because banks dominate the world's economy. They essentially control the supply/issuance of national currencies. Adopting a CBDC now or later will not make any difference at all. Instead, the average person will be able to conduct transactions digitally (instead of physically). But the rest will remain likely the same. Ultimately, physical cash will become history as the world enters a new era where intangibility is put above everything else. It could take decades, or in worse-case scenarios, another century before everything shifts to the digital realm. At least, we'll be able to continue using physical cash during our lifetimes. Just my opinion

Everything is correct, but only on condition of stable economic development. If you look at 2020, the word stability can hardly be applied to it. There are too many incidents that can create global problems and disasters. We cannot know what technologies will appear in the near future, it is possible that something that will replace all financial assets will be invented, or there may be a war that will stop all development on the planet.

It would be great if Cash will be phase out  completely especially now that we are fighting with covid-19 and paper bills can definitely contains viruses after a long term used..but, i guess its impossible because Cash is the most essential notes/currency that we are traditionally using from time to time, most especially when buying goods in the market. We often used it for our daily needs and besides, not everyone has the knowledge in using digital currencies nor access to the internet.
Maybe after so many decades, if the world is fully high technology driven, maybe then, the banks can possibly phase out cash completely and digital fund management will be practice all throughout the world.

I think this shouldn't be the basis for that. Here in our country, there are still a lot of places that don't have a stable electricity where a lot of brownouts are happening. In case of literacy, since milennials are getting older whose generation are used to technologies, I guess we don't have a problem with it. Still, that would take years or maybe a decade.

Yeah. There's no hurry for phasing out physical cash, as old people are reluctant to change their habits. This will be a long journey as governments and central banks slowly introduce CBDCs to the world. In the meantime, we can enjoy stablecoins which serve the exact same purpose of a CBDC. You can easily convert your Fiat to a stablecoin of your choice to get the "best of both worlds". There are some stablecoins living on scalable blockchain networks allowing you to enjoy blazing fast transactions for less than a penny. The difference between a CBDC and a stablecoin is the way they're regulated by mainstream governments. The former will have all the backing of investors, traders, and everyday people just like it's the case with physical cash (Fiat) today.

The real issue would be getting third-world or developing countries to adopt digital currencies (CBDCs) at a large scale. People living on these countries are still not fond of technology, so it'll take a longer time than usual for physical cash to be phased out completely from the face of this Earth. Slowly but surely, we'll experience a fully-cashless society as physical cash becomes a thing of the past. The average person won't notice the benefits except central banks and governments themselves. Let's hope that the transition from the old monetary system to a modern one turns out to be a smooth one. Just my thoughts

Those above requirements will not pave the way for us to go full cashless society. Because a lot of people still prefer the traditional way of paying, via fiat currency. I don't think we will be seeing in our lifetime our world as cashless. There will always be areas like rural and remote areas that will not be open to this modern change. And also up until now, a lot of people don't own smartphone to begin with as well as internet connection. Maybe, we will see a specific country to be cashless society soon like for example Sweden, but we don't know if they can truly implement being one in all aspects.

https://www.moneyunder30.com/what-countries-are-going-cashless

This will almost be impossible to achieve and may never happen. We all know the elites and political class as well as the high and mighty in the society will never allow this to happen for reasons best described as hanging unto power. With COVID-19, we have seen a shift in believe and why decentralized economy might just be what the world needs. Blockchain has a lot to offer the world if given the chance and if done properly. We have already seen solutions like NowPayments achieving and breaking barriers in such a little time of coming up. Businesses and merchants can now finally transact businesses from the comfort of their homes without worrying too much as to how payments can be made or receive. Nowpayments is offering a solution that takes care of everything with tremendous speeds, security and convenience. This is what blockchain can do and this is what a decentralized economy should look like. There are several options available to global economies through blockchain and it is about time the world openly adopt its solutions and face out the traditional ways of banking and fiat currency.