How much longer until paper money is no longer in circulation?

[browsiek]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

  Even in my country, which incidentally is a developing country, has implemented a digital system, but only in certain shops.  To be honest, so far I'm more comfortable using digital money than paper because people won't know the  balance we have, whereas if we use paper money people know better how rich we are.  But in terms of loss, the biggest potential is digital money. If you have a problem with your e-wallet, the money you have will be forfeited.  but so far I'm doing fine using digital money and hopefully no issues.

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[Ayers]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

I think the phasing out of paper money is still possible but it won't happen in the near future, and it may take longer than we think. As you say, if we can successfully reduce the circulation of paper money, then just more time to get rid of it completely is possible.

To be honest, paper money causes some problems such as printing and circulation costs, and is quite cumbersome if shipped in large quantities. But in some cases, paper money also gives us convenience such as paying small bills very quickly, and using paper money still gives us a little more privacy than an account bank or CBDC.

Phasing out of paper money is not at all possible. When paper money gets its usage stopped, automatically it takes another form. The paper money comes in the digital form. The usage comes to an end only if each and every country agree to stop using paper money. Everything runs on a cyclic process, same is with the financial structure. We've evolved from the barter method to the cryptocurrency and maybe once again we can move back to the barter method. So, usage of paper money will continue amidst all form of technology based development.

If the world continues to develop and there are no disasters like World War 3, the technologies will still be preserved and developed, I don't think there's any reason for us to go back to the barter method. We're moving towards convenience, eliminating bulky stuff, so there's no reason to return to the previous methods. I am not saying that paper money will be phased out any time soon but certainly in the future, CBDC will be the first experimental step to get rid of paper money.

[crunck]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

it is not only difficult but impossible to get rid of paper money, nowadays technology is very advanced and many people are carried away by that change but not all people can use the same things.
nowadays almost all corners of the world in big cities with big businesses can use electronic payments, that's a very natural thing in a very advanced world like today but with more and more growth and more and more things that won't erase or turn off paper money .
reduction in the circulation of paper money is of course very likely to occur but it will not be eliminated in any country.

Paper money has existed every year in China and is modified in use to this day. Although technology is changing the world, getting rid of paper money is actually extremely difficult. In my area, many people still do not know how to use smartphones, especially the elderly, whose families are too difficult. If they give up paper money, they will face a lot of difficulties

[lizarder]

If the world continues to develop and there are no disasters like World War 3, the technologies will still be preserved and developed, I don't think there's any reason for us to go back to the barter method. We're moving towards convenience, eliminating bulky stuff, so there's no reason to return to the previous methods. I am not saying that paper money will be phased out any time soon but certainly in the future, CBDC will be the first experimental step to get rid of paper money.

At present or in the next ten years, banknotes will still be in circulation, a lot of effort must be made to eliminate the circulation of paper money, while the resources needed have not been fully met, the generation of people over 40 to 50 years it is too complicated to understand technology, so the potential to get rid of the swirl of banknotes is almost impossible. What's more, there are still quite a number of countries that have special agreements on fiat currency, so efforts to eliminate them require new regulations that are so complicated.

While the government also did not try to develop technology that would reduce the circulation of paper money, on the contrary the CBDC introduced by the Bank was a government product whose function was only to restrain the rate of growth of crypto and these efforts were not successful

[erep]

At present or in the next ten years, banknotes will still be in circulation, a lot of effort must be made to eliminate the circulation of paper money, while the resources needed have not been fully met, the generation of people over 40 to 50 years it is too complicated to understand technology, so the potential to get rid of the swirl of banknotes is almost impossible. What's more, there are still quite a number of countries that have special agreements on fiat currency, so efforts to eliminate them require new regulations that are so complicated.

Reality predictions about paper money can be measured based on the growth in current technology use, every year statistics on technology use continue to grow from all ages so online transactions in e-commerce are increasing but transactions for paper money are decreasing compared to the previous year, but efforts to eliminate circulation of paper money is not easy because the government must ensure that the use is very low and not even used anymore in every transaction in traditional markets and any other transactions, if the position of the situation is then the government can make new regulations regarding the use of paper money without the negative impact of criticism Public.

[STT]

If paper includes coin based or elemental based currency then the answer is very likely never.   Just going on historic precedent, we've had alot of turmoil over five thousand years or so and yet we carry on exchanging value especially over distance based on compact high value rare type metals.  Whether we put the value into fixed coins or bars or promissory notes doesnt matter too much its the idea we exchange one for the other and always have done so.

[Abiky]

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

Governments are going to need to provide the necessary tools to help spur the adoption of CBDCs worldwide. Otherwise, don't count on paper money disappearing anytime soon. I'm pretty sure we won't be using paper money forever, especially when the world evolves over time. The future of money is complete digitalization, so paper money in its current form will become history. China has been at the forefront of CBDC development, but it should only be a matter of time before other countries follow suit.

There are already plans among the world's superpowers to launch CBDCs of their own. The US and the EU have already announced their intentions of doing so. You can thank Bitcoin for helping banks rethink the way they issue/handle the world's money supply. They have no choice but to digitize Fiat or be left behind in the dust. No one knows what the future holds, so we can only hope for the best. Just my thoughts

[Ayers]

~~

While the government also did not try to develop technology that would reduce the circulation of paper money, on the contrary the CBDC introduced by the Bank was a government product whose function was only to restrain the rate of growth of crypto and these efforts were not successful

I don't think creating a bank's CBDC is to limit or slow down the growth of cryptocurrencies, even if a successful CBDC would have no impact on cryptocurrencies. The cryptocurrency market is a financial market used for investment, while CBDC represents fiat in the digital version, which is only seen as an evolution of technology. Fiat is a currency, not an investment market, so the two can't hurt each other. Alternatively, a CBDC could also be the idea that gives the government more control over us.

[Savemore]

There someone who is pulling the shadow behind and that shadow will not let the fiat money extinct and fully replace by digital money. That is the reason why a lot of government today are still not adapting and have laws and regulation regarding the ban of cryptocurrencies. Try to search in the internet the CBDC and the families who establish the banks that priting fiat money. They are the ones who are printing money that came from paper and ink only. That is the real free money out there and those shadows will not let the CBDC to come at end.

[KingsDen]

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.

I think the paper money is going no where. I mean it won't phase out and neither will it extinct. Even if it will phase out we shouldn't expect it to happen any time soon.
My strong reason for saying this is that, paper money doesn't only represent money for buying goods, properties or paying for services. It's value isn't only its purchasing power. But the paper money is a symbol of National Identity.
It is a legal tender that is very unique across countries, that is the reason paper money will be preserved longer.
There are human heads and other figures printed on the paper money which represents money deep things.

[crunck]

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

Governments are going to need to provide the necessary tools to help spur the adoption of CBDCs worldwide. Otherwise, don't count on paper money disappearing anytime soon. I'm pretty sure we won't be using paper money forever, especially when the world evolves over time. The future of money is complete digitalization, so paper money in its current form will become history. China has been at the forefront of CBDC development, but it should only be a matter of time before other countries follow suit.

There are already plans among the world's superpowers to launch CBDCs of their own. The US and the EU have already announced their intentions of doing so. You can thank Bitcoin for helping banks rethink the way they issue/handle the world's money supply. They have no choice but to digitize Fiat or be left behind in the dust. No one knows what the future holds, so we can only hope for the best. Just my thoughts

Honestly, we ordinary people also know that printing a lot of money will cause inflation, I don't think the government is stupid enough to not know that. It wasn't bitcoin that came along but we realized that the limited supply is good for the inflation it has shown with gold. Gold can be said to be a very limited supply because gold mining is not easy and challenging. I think that running an economy is not easy, while the population is increasing, supply and demand will be very difficult to handle and the restriction of printing paper money is not too difficult. But they didn't, they must have had a reason.

[savetheFORUM]

I guess for the next coming 5 to 10 years because some of the countries are still would like to stick with their currencies having paper money as a mode of payment, not all people can afford having a device for making a payment instead getting suffering of this why not stick with the old way of making a payment, and adopt that kind of thing to the people who can afford to have online payment, if the country does not have a lower status people I guess this kind of thing might immediately adopt as success rate.

it's probably taking more time yet. Right now, there are many people on their 40's and 50's old years who don't dominate electronic devices yet. People who didn't attend to school and only deal with paper money. The older they get, the hardest it's going to be to learn new things, so in 10 years these people will be on their 50-60's years old yet. I guess a paperless society will take 30 years to happen. That is the time until this generation gets too old to deal with money, so a new technology can be widely introduced without prejudice to these people.

Actually, people on those said age groups are now into techie trips, thanks to the social media king facebook. They use it because it's their way of communicating to their loved ones here and abroad. The pandemic have also taught people to rely mostly online. Online shopping have risen and as well as the use of digital wallets to be able to pay the merchants.

This can also act to receive money without the need of going outside. People are now ready to depend on electronic money. The older the people get, the more knowledge they can learn. If they can't do it for themselves then they can always ask a help for their family members.

[autumnleaf]

Similar to what the majority of the other posters in this thread said, it is difficult to predict with certainty when paper money will stop being used because cash is still necessary for small transactions and for those who do not have bank accounts, as well as because it continues to play a significant role in many economies.

[wmaurik]

I do not know, in China I do not think nowadays that is common to use cash, they actually perform electronic payments generally

In developed countries using electronic cash payments has become very commonplace, but we also don't hear that China is throwing away cash. Because I'm sure there are still residents there who use cash even though the percentage is very small when compared to residents who use electronic cash when shopping.

Not only China, many developed countries have also restricted the use of paper money and switched to digital or card payment methods. But the complete elimination of paper money is unlikely to happen in the next decade because in many places it can be said that the internet is limited, and smartphones are not yet widely used, so getting rid of paper money is very difficult.

This is indeed true and as I said, in developed countries like China, for example, there are also those who use cash in several places and by citizens who are still in the poor category. Because it's not that they don't want to use an electronic card for payment or something digital, but maybe because they haven't been able to have one so they still use the old method of making any payments.

  Even in my country, which incidentally is a developing country, has implemented a digital system, but only in certain shops.  To be honest, so far I'm more comfortable using digital money than paper because people won't know the  balance we have, whereas if we use paper money people know better how rich we are.  But in terms of loss, the biggest potential is digital money. If you have a problem with your e-wallet, the money you have will be forfeited.  but so far I'm doing fine using digital money and hopefully no issues.

Developing countries are countries that are not yet in the developed category and it is natural that the use of digital payments only exists in certain shops because most of them still rely on cash or paper money when shopping. But that's not a problem for people who still live in developing countries because I see that these two payment methods are still very comfortable for everyone to use and have never had any problems even though the advantages are clearly different.

[Bushdark]

If paper includes coin based or elemental based currency then the answer is very likely never.   Just going on historic precedent, we've had alot of turmoil over five thousand years or so and yet we carry on exchanging value especially over distance based on compact high value rare type metals.  Whether we put the value into fixed coins or bars or promissory notes doesnt matter too much its the idea we exchange one for the other and always have done so.

There might be a revolution from paper money to other forms of money just like had many years ago seeing money moving from one particular matter to another and now we are both in paper money and digital money.

Everything is moving gradually and in due time we might see that the way we spend money could never changed but the forms might look very different. Paperony is not going to take much longer to disappear because of the expenses banks and government do pay on printing and keeping them safe. Digital money is here to stay and soon paper would be transmitted to digital in the nearest future.

[rat03gopoh]

Before it reaches the stage where paper money is completely gone, think that the government still has a number of public trust issues and debates just by announcing plans to launch a CBDC which is likely to remain in place for more than 5 years. Opposition everywhere especially from the crypto community prefers decentralization. So, the government should have a lot of time and strategy.

[Abiky]

Similar to what the majority of the other posters in this thread said, it is difficult to predict with certainty when paper money will stop being used because cash is still necessary for small transactions and for those who do not have bank accounts, as well as because it continues to play a significant role in many economies.

It's going to be hard to get unbanked people to use a CBDC, but not impossible. I'm pretty sure governments will find a way to do this, especially if they want full control over the monetary system (effectively putting an end to privacy for good). Paper money will eventually be phased out as the world fully transitions into the digital age. The real question is when will that happen? Considering that CBDC are still experimental, it's going to take decades before paper money is put out of circulation for good. We already have stablecoins which serve nearly the exact same purpose as a CBDC. Either governments create a coin of their own or use an existing solution (stablecoins). The future is widely unpredictable, so we can only hope for the best. As long as we have decentralized cryptocurrencies at our side, nothing else matters. Just my opinion

[Razmirraz]

CBDC implementation will not eliminate paper currency. The existence of CBDC can actually add transaction options apart from paper money and electronic money. The government cannot eliminate the circulation of physical money or paper money after the CBDC is launched. If everything uses digital, of course there are risks that must be considered such as power outages or other things that make the internet connection disappear. Paper money will still exist even though CBDC has been widely used among the public, CBDC is only an additional option in making transactions, some choose to use paper money and some choose to use CBDC, the choice depends on where you live.

[cabron]

CBDC implementation will not eliminate paper currency. The existence of CBDC can actually add transaction options apart from paper money and electronic money. The government cannot eliminate the circulation of physical money or paper money after the CBDC is launched. If everything uses digital, of course there are risks that must be considered such as power outages or other things that make the internet connection disappear. Paper money will still exist even though CBDC has been widely used among the public, CBDC is only an additional option in making transactions, some choose to use paper money and some choose to use CBDC, the choice depends on where you live.

Everybody will adopt the CBDC though. And if everyone will do, so are the lowest people in society because thier employers will eventually send thier wages in digital currency. Businesses will not be able to get customers when most of them can only pay in digital currency. This is how it's going to be adopted everywhere and it may take years probably more than one generation in some countries.

Banks will cooperate in a way to gradually stop the circulation of papers.

[lizarder]

Reality predictions about paper money can be measured based on the growth in current technology use, every year statistics on technology use continue to grow from all ages so online transactions in e-commerce are increasing but transactions for paper money are decreasing compared to the previous year, but efforts to eliminate circulation of paper money is not easy because the government must ensure that the use is very low and not even used anymore in every transaction in traditional markets and any other transactions, if the position of the situation is then the government can make new regulations regarding the use of paper money without the negative impact of criticism Public.

Transactions using paper money have indeed entered a decline stage, because there are many online payment technologies available in e-commerce, so that people have choices in shopping even if they don't hold banknotes, but this problem will not make the circulation of banknotes disappear, because, as previously stated, I said earlier that supporting resources are not fully accessible except in urban areas.

Making new regulations is not easy, because it requires a lot of consideration and approval from several authorized agencies, other considerations will have a lot of negative impacts and protests that will occur as you said. If this continues to be enforced and before the source of support is not available in all areas.

I don't think creating a bank's CBDC is to limit or slow down the growth of cryptocurrencies, even if a successful CBDC would have no impact on cryptocurrencies. The cryptocurrency market is a financial market used for investment, while CBDC represents fiat in the digital version, which is only seen as an evolution of technology. Fiat is a currency, not an investment market, so the two can't hurt each other. Alternatively, a CBDC could also be the idea that gives the government more control over us.

Limiting what I mean is not included in the category of slowing down the growth of crypto as an investment, CBDC was created to fulfill the revolution in the field of state finance, so that fiat is not left behind because the development of crypto has increased sharply. Believe it or not, crypto and bitcoin in particular are considered fiat competitors by them, if they don't try to revolutionize anything against fiat currency it will impact the future of fiat.

CBDC is just a matter of transition for those who don't want crypto to develop and that's why there are many challenges and restrictions from the government in limiting it, so regulations are always discussed for security and continue to be voiced until now.