Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:
Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?
I believe that if the growth of cryptocurrency will still continue even in the future then there will be a huge chance for fiat to be removed since most of the countries has already a plan to live a cashless nation in the future.
