How much longer until paper money is no longer in circulation? - page 20.

Cryptomultiplier

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Quote from: South Park on November 09, 2022, 03:47:01 PM

Quote from: Abiky on November 09, 2022, 05:47:16 AM

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It depends on the country we are talking about, some Scandinavian countries are in fact close to a complete replacement of cash so I would say that at most it would take a few decades there, however there are other economies like Japan that still use cash a lot so it will take even longer there, and then if we move to the countries that are still in a developing stage we could be talking about centuries as there are many people that do not even have access to basic services like water or electricity, then it is impossible for them to gain access to a bank account and only use digital money.

You are quite right in stating how it might take effect around countries you ate familiar with. It is also interesting to know that the adoption of CBDC as digital monies is a step in the actualization of a cashless economy. It might take longer to actualize in most countries, but it sure gonna happen, mostly with the continuous advancement of technology and adoption of cryptocurrency ongoing worldwide.

South Park

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

It depends on the country we are talking about, some Scandinavian countries are in fact close to a complete replacement of cash so I would say that at most it would take a few decades there, however there are other economies like Japan that still use cash a lot so it will take even longer there, and then if we move to the countries that are still in a developing stage we could be talking about centuries as there are many people that do not even have access to basic services like water or electricity, then it is impossible for them to gain access to a bank account and only use digital money.

Gozie51

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CBDC seem to be what countries are moving into to look to help the economy but unfortunate thing is that nothing of such can happen. The paper money replacement is not just what can happen without a serious consequence and that the world is not ready for. Daily buying and selling is still much dependent on cash despite the cashless system that is for convenience. Credit cards, ATM and the cashless mechanism are not everyone favourite, some people still prefer their money physically. Imagine in Nigeria some older people selling their land still prefer getting their money physically in cash. There are so many instances of cash transactions but getting the proceed of land sell in cash worth of $2k and above is the height of the instances of how cash still relevant in the system.

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

Yesterday I went to the cinema by taxi. When we arrived, I gave the taxi driver a banknote. The taxi driver refused to accept this banknote from me, explaining that now no one pays with banknotes and he has no change.

Based on this, we can conclude that paper banknotes will soon go out of circulation. Already, people are actively using plastic bank cards for payments.

In the near future, payments will be made exclusively through CBDC (yes, it will be a kind of digital concentration camp).

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Even before the advent of cryptocurrencies, what was most encouraging fiat currencies to remain in circulation is that a large percentage of the planet's population does not have a banking identity in addition to the fact that many other regions are not connected to the Internet to be fully digitized.
Banks, like governments, have started, since the twentieth century, to use electronic payment systems, with the rise of protection systems and the speed of service. There are developed countries that have almost completely eliminated banknotes and coins in terms of daily use. There are disadvantages to using cash and there are many attempts to find a solution to it.
I do not expect that the time is near to completely abandon paper currencies, but the percentage of demand for electronic money is increasing day after day at a very rapid pace.

Pokapoka124

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I doubt paper money will ever stop to exist, CBDCs cannot replace fiat. Some countries have tried creating their own digital currency and yet haven’t not been able to convince their citizens to use the digital currency for transactions. The world is not ready to for such a huge transition. Naturally people feel more safe using traditional monetary systems, little wonder why when newbies are introduced to bitcoin they always go for centralized exchanges. It’s a reflex condition that comes from being used to regulated money system.

electronicash

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poorer countries will take time, there are still places in my country that has no internet and people has no phones. it will probably take more than a decade in my country and we don't yet have CBDC in plan. what we have are payment systems that's peg to our local currency, close to CBDC still. our government always prefer private companies running everything including the basic necessity like electricity.

Inwestour

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Well, we still don't live in a digital society, and maybe we need to go through some more stages of acceptance for this, but in general, everything is moving towards this. The point is that we need a good example of this use of CBDC, without it, it's just big plans. Even if fiat money is no longer used in the future, then probably the cards will still remain, because in some way we will need to pay for goods and services. Of course, a smartphone can help us with this, but I don’t know how convenient it can be to use.

Die_empty

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Quote from: Queentoshi on November 09, 2022, 10:38:19 AM

Quote from: Abiky on November 09, 2022, 05:47:16 AM

Everything should turn digital, as we live in a digital society.

As much as things are digital in your side, things and not digital everywhere yet. Before everything can go digital it will take a while for people who were not born in this internet age to it's maturity, to die out and then the old women and men by then become us who have witnessed the start and maturity of the internet, we will become the old women and men who are extra comfortable navigating the internet.

I think electronic money and fiat would exist side by side for a long time. Many countries are still backward technologically which means that even if there are intentions to replace electronic money with fiat it would be adopted gradually based on the development level of the country. It would take a longer time for developing nations to adopt currencies like bitcoin and CBDC because of a lack of infrastructure. Poverty and illiteracy are other key impediments that would always increase the lifespan of fiat globally. To date, a greater percentage of the world's population doesn't have access to phones and internet connections.

Majestic-milf

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It's quite tempting to predict the demise of cash and although predictions for it's extinction has been going on for nearly 60yrs, I don't think it's end would be anytime soon.
Coupled with the rise of credit cards, and contactless payments and even cryptocurrencies like BTC, the death knell has only gotten louder and prominent.

Paper money would still be preferred by many as it helps for flexibility and it gives a choice to those who are not technologically literate enough.

wmaurik

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Quote from: Queentoshi on November 09, 2022, 10:38:19 AM

Quote from: Abiky on November 09, 2022, 05:47:16 AM

Everything should turn digital, as we live in a digital society.

As much as things are digital in your side, things and not digital everywhere yet. Before everything can go digital it will take a while for people who were not born in this internet age to it's maturity, to die out and then the old women and men by then become us who have witnessed the start and maturity of the internet, we will become the old women and men who are extra comfortable navigating the internet.

If for all the old women and men who were born before the internet era existed, it would be quite a long time to wait and see them use sophisticated devices when shopping because there are no more banknotes in circulation. What you say is very logical because before everything becomes digital in this world, it is necessary to spread internet signals in this world to remote areas where people are still struggling with bad provider signals to send messages or other communications.

Queentoshi

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

Everything should turn digital, as we live in a digital society.

As much as things are digital in your side, things and not digital everywhere yet. Before everything can go digital it will take a while for people who were not born in this internet age to it's maturity, to die out and then the old women and men by then become us who have witnessed the start and maturity of the internet, we will become the old women and men who are extra comfortable navigating the internet.

Husires

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Some countries, especially in South and East Asia and small countries, are able to achieve a high percentage of zero cash, but countries in Africa and many non-industrial countries will need decades to develop infrastructure, electricity, and citizen behavior.

Debit cards and others are the backbone of many economies.

kro55

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I think CBDC will replace credit/debit cards but with paper money probably won't and I don't want them to get rid of paper money altogether. I know that we are in a digital world and getting rid of paper money can also save us a lot in production costs as well as the widespread counterfeiting in the world. But if paper money is completely phased out and replaced by digital currency, our privacy will completely disappear from there, I think even if we spend 1 dollar or 2 dollars if we use CBDC, we are still controlled by the government. If there is war or crisis, they can freeze our account at any time and we will not have a second choice.

jackg

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I think there'll always be a collectors marker for paper money and it might be one of the reasons currency isn't replaced everywhere.

There aren't many currency printers around the world though either which might mean that countries turning to CBDCs would make them more secure.

A fully digital society is only good if you can hide some transactions and get privacy. Government officials care a lot about their privacy (they apparently have a lot to hide) and if other people can't accept their currency they'll end up legislating against themselves.

davis196

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Quote

Everything should turn digital, as we live in a digital society.

The vast majority of the people on the planet earth DON'T live in a digital society. Maybe after several decades this will change.
What's the point of dumping paper money completely? Paper money aren't that bad. They have done their job for decades without any major issues(the only major issue is counterfeit paper money). If it works, don't dump it. I'm also a Bitcoin supporter and I don't find any problem for Bitcoin to coexist with paper money. Only 2 or 3 big central banks around the world would issue CBDCs. It's totally pointless for every country on the globe to have it's own CBDC(most of those CBDCs created by smaller and undeveloped countries would be a complete joke).

gantez

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

But this question that you have asked is already given answer by you also from the post. Can it be real that paper money will go out ? You say it that credit card didn't replace paper money, so CBDC will not take out paper IMO. This is what I think that digital currency is just what the government people are trying to stand out bitcoin but this isn't possible to happen.

NeuroticFish

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Quote from: Abiky on November 09, 2022, 05:47:16 AM

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

CBDCs will not replace fully the paper money. They just can't. And not all governments will issue CBDCs.
It will take more generations until paper money gets phased out, if ever. There are still many people who don't use technology, there are still many regions not covered with internet; those just cannot go without an offline currency.

BigBos

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As far as I've read, CBDC has no intention of replacing paper money, but CBDC issues digital money to give people choices about the type of money to use to make transactions easier. I think that paper and metal currencies will always be the main and legal currencies in transactions.
as stated by Tommaso Mancini Griffoli (Division Chief in the Monetary and Capital Markets Department IMF) CBDC has great potential and risk, so it is not possible to completely replace fiat currency “So I don't think we will arrive where we only have CBDC. I don't think that we will do it," said Tommaso in the G20 Advancing Digital Economy and Finance Side Event agenda.
if what you're asking is when is everyone using digital currency? maybe I will answer when everyone can and easily access the internet anywhere and anytime without much disturbance.

Abiky

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There are talks among the world's major central banks to begin the creation of their own digital currencies (Central Bank Digital Currencies for that matter). The launch of Bitcoin, and the widespread popularity of "De-Fi", has led governments to act fast before they're left behind the game. They know they can't beat Bitcoin, so they will try to be in-par with it by launching digital currencies of their own. The average person won't notice any difference with the new digital cash system, as everything would be the same as using a credit/debit card.

I'm beginning to question whenever CBDCs will be able to replace paper money for good, or will it co-exist with the old system? After all, credit/debit cards didn't manage to replace paper money when they launched. For being in the 21st century, I'd say paper money should be phased out as soon as possible. Everything should turn digital, as we live in a digital society.

How long do you think it will take for paper money to be phased out for good? Will CBDCs be able to replace not only paper money but also credit/debit cards? Your input will be greatly appreciated. Thank you.

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