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

[leonair]

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.

Yes I agree with you that all the people of current generation are still not familiar with technology and don't know about digital money and how to use it.

A total of 5.16 billion people around the world use the internet at the start of 2023, which is equivalent to 64.4 percent of the world’s total population.

Source
According to the datareporter article only 64% of people worldwide know and use the internet.  But it is doubtful how many percent of people know about digital money. So I'm still confused how many generations later digital money will be in circulation worldwide instead of paper money. However, as some countries are slowly starting to introduce digital money into the market, it is true that one day in the future, paper money will be replaced by digital money only.

[Henrobakkara]

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.

Why so much in a hurry for it to happen. Paper money will go out at the right time when people are already very used to operating, Buying and selling without paper money. Around some of us, this is already happening, people are used to paperless economy, but not the same situation with everyone everywhere. The time when paper money will go out of circulation completely will happen with even the government forcing it to happen, it will just happen because will no longer see it as something to do when there is the safer paperless method for transacting.

Well, you would understand how some of us want things to happen when we feel like it is the right time. I, however, agree with your own assumption, paper money will naturally fade out once people get used to using digital transactions I however still believe that this will still predominantly be within the Urban settlers because, in my region, it will be difficult to conform people living in rural communities to give up using paper monies because these people are still heavily unbanked and are still only used to that form of transaction.

[ivankoh]

Paper money will not be eliminated. Although digitalization is a trend now and digital currency is very convenient, there are still many people who do not use smartphones. Many people still rely on paper money, and its use has become habitual.

I think paper money will be eliminated in the future but the time of application will not be soon to synchronize worldwide for reasons such as:
1. Habits
2. Infrastructure, people's knowledge
3. equipment users  .  

We seem to have experienced the covid19 pandemic - the way people change their habit of limiting cash and opting for electronic/crypto payments instead.  Until those reasons improve, I think it's time for the world to get rid of cash.  Advanced economic states also remove the limits of crypto payment.

[summonerrk]

I think in the days of gold, no one could have thought that paper money, even with many degrees of protection, could replace gold coins. It was the same with plastic cards. You shouldn't think that paper money still has a significant use - I often notice that I don't have cash. As for cryptocurrencies, I don't think they will become widespread in the near future, up to daily transactions in stores. After all, the true meaning of cryptocurrencies is that it is an honest payment instrument. And state economists do not approve of this.

[wmaurik]

Well, you would understand how some of us want things to happen when we feel like it is the right time. I, however, agree with your own assumption, paper money will naturally fade out once people get used to using digital transactions I however still believe that this will still predominantly be within the Urban settlers because, in my region, it will be difficult to conform people living in rural communities to give up using paper monies because these people are still heavily unbanked and are still only used to that form of transaction.

People who still live in rural areas or who live in inland areas are still very many traditional traders who are generally still very happy to use paper money because they are limited there by the lack of qualified infrastructure and technology to make transactions via digital.

So, in my opinion, this still really depends on the environment or certain places that already have more services for digital transactions. Because in underdeveloped countries, the use of digital transactions is clearly still very small, so that most of the people still have to use paper money.

[fuer44]

Well, you would understand how some of us want things to happen when we feel like it is the right time. I, however, agree with your own assumption, paper money will naturally fade out once people get used to using digital transactions I however still believe that this will still predominantly be within the Urban settlers because, in my region, it will be difficult to conform people living in rural communities to give up using paper monies because these people are still heavily unbanked and are still only used to that form of transaction.

People who still live in rural areas or who live in inland areas are still very many traditional traders who are generally still very happy to use paper money because they are limited there by the lack of qualified infrastructure and technology to make transactions via digital.

So, in my opinion, this still really depends on the environment or certain places that already have more services for digital transactions. Because in underdeveloped countries, the use of digital transactions is clearly still very small, so that most of the people still have to use paper money.

In my place where I live in a small village is currently starting to use a card to purchase fertilizers, and various farms equipment. Whether it is the government's move as a new technology or the government's move to reduce the purchase of chemical farming equipment, I don't know the details. But what is clear is that residents have been introduced to digital transactions. However, I agree that paper money may not be eliminated by the government because of transactions in traditional markets, and transactions with small amounts will certainly be easier to use paper money.

[Argoo]

If humanity developed harmoniously and spent its efforts on science and technological progress, and at the same time irreparable harm was not caused to the ecology of the planet, then we could say that we are going to a better world, and that automation, comfort and convenience will lead to the rejection of cash money in favor of cashless payments. But it is only dreams.
In fact, we see that the economic situation in the world continues to deteriorate, there are constant wars on the planet that destroy material wealth. Due to unreasonable human activities, the climate is changing very quickly, which leads to numerous cataclysms and the deterioration of people's well-being. This will not allow us to completely abandon cash, the use of which does not require additional technical devices.

[wmaurik]

In my place where I live in a small village is currently starting to use a card to purchase fertilizers, and various farms equipment. Whether it is the government's move as a new technology or the government's move to reduce the purchase of chemical farming equipment, I don't know the details. But what is clear is that residents have been introduced to digital transactions. However, I agree that paper money may not be eliminated by the government because of transactions in traditional markets, and transactions with small amounts will certainly be easier to use paper money.

Maybe it is a kind of assistance card for people who are less well off in terms of buying fertilizer, because the government is really obliged to help people in terms of agriculture for the welfare of the economy of people in rural areas. So it's more about community data related to aid even though it looks like digital.

And if you look at the level of progress in urban areas and in rural areas in a country, it is clear that banknotes will be more easily lost in urban areas because the average person in the city now uses cards from banks more often when shopping.

[nimogsm]

I will express an unpopular opinion,but I do not want paper money to be completely replaced by a digital analogue.There should always be several payment options for goods or services, in some places cash is accepted much more readily and this is unclear.Because you can not pay taxes on such operations as one of the variations.Or,for example,when you are in an area where there is not even a mobile connection, ordinary paper money will be an advantage.

[Jatiluhung]

I personally think that paper money will remain in one form or another for quite some time. And I wouldn't idealize digital money. Governments may well make access to digital money quite complicated. for example, a social rating may be introduced (as in china). If a person has a bad social rating, he may lose access to his digital money (state digital money), and he may not be allowed to exchange cryptocurrency for state digital money.

yeah right. And actually there are still many developing countries that are still not fully ready for the Digitalization Era. in countries that are still poverty-stricken, the people are even quite unfamiliar with technological advances. they only focus on survival. so knowledge about technological progress is very foreign to some areas in a poor country. and paper money is still the prima donna in developing countries. so paper money will definitely last longer.

[Cantsay]

Currently I have been using a whole lot of digital means to make payments and I don't think I would want that to continue for a very long time. I still want the paper money to be present, I know the difference between spending with paper money and spending directly from your bank account. And aside form that I have been unable to get some certain stuff just because those selling refuse to accept bank transfer stating that they only want paper money.

[Iranus]

Currently I have been using a whole lot of digital means to make payments and I don't think I would want that to continue for a very long time. I still want the paper money to be present, I know the difference between spending with paper money and spending directly from your bank account. And aside form that I have been unable to get some certain stuff just because those selling refuse to accept bank transfer stating that they only want paper money.

In today's life paper money is still king and indispensable in our lives because our world is still full of people who don't know how to use digital payment methods including my parents. But in the future, I believe that paper money will soon be phased out to make way for cryptocurrencies and digital currencies. We are moving toward the digital world, so the disappearance of paper money may only be a matter of time. But I have to admit that in some cases, I still prefer to use paper money, probably out of habit or something.

[Fatunad]

Currently I have been using a whole lot of digital means to make payments and I don't think I would want that to continue for a very long time. I still want the paper money to be present, I know the difference between spending with paper money and spending directly from your bank account. And aside form that I have been unable to get some certain stuff just because those selling refuse to accept bank transfer stating that they only want paper money.

In today's life paper money is still king and indispensable in our lives because our world is still full of people who don't know how to use digital payment methods including my parents. But in the future, I believe that paper money will soon be phased out to make way for cryptocurrencies and digital currencies. We are moving toward the digital world, so the disappearance of paper money may only be a matter of time. But I have to admit that in some cases, I still prefer to use paper money, probably out of habit or something.

Fact! We do know that not all does have the mobile phone, the knowledge, the awareness, the internet connection to be able to access on whats the latest tech and developments as of today.It wont be that surprising that there would be people having no knowledge about on things that are currently existing or something that they could really make use of.Also we should not really that avoid the fact that
as long government does exist then there's no way that it would really make things possible on which fiat would be eradicated? They cant really just let it happen on where
cryptocurrencies would really be taking over.It cant really be just that possible.

[Abiky]

Paper money will definitely be phased out but not because the government invented some CBDC bs but rather because its old world money. What we are going towards is a future of Bitcoin and crypto. CBDC will merely be one out of many options and it definitely will not be the prominent one.

People and even governments are starting to understand that Bitcoin is the next generation of money and once it is globally adopted, we will see a new future of finance.

Even the government acknowledged this simple fact indirectly by attempting to copy Bitcoin with their own version.

We're in the 21st century, where everything is heading towards complete digitalization. The advent of computers, the Internet, smartphones, and crypto/Blockchain tech should lead us to a cashless society within the not-so-distant future. Change is inevitable whenever you like it or not. Paper money is known to transmit diseases, and harm the environment. A full-fledged digital currency solves this. Not only a digital currency would eliminate the need to print money, but it will also enable governments and central banks to have better control over your transactions. The transition from paper money to a CBDC would be a slow and steady one, as there's a lot of people who don't want to change their old ways.

Who needs CBDCs when we already have stablecoins, anyways? They serve the exact same purpose of digital Fiat. If you want the full experience of using a digital Fiat currency (especially the USD), then stablecoins are for you. But if you want complete control of your money, then Bitcoin would be your only choice. Who knows how our economic landscape will look like decades from now? Just my opinion

[DOH!]

My opinion is that after more than 15 years of bitcoin and blockchain, the government has implicitly acknowledged the power of blockchain technology.  That is also the reason why I believe why the government despite quickly experimenting with CBDC, their ability will continue to impose on the use but who will care about using the coin with centralization  (will be called the next generation of polymer money).  Bitcoin/crypto will still represent its value and the free market of choice decides the change.  Certainly paper money will be removed from circulation in the future, but it is difficult to know when.  We're really ready for that with bitcoin, it won't change

[Dickiy]

My opinion is that after more than 15 years of bitcoin and blockchain, the government has implicitly acknowledged the power of blockchain technology.  That is also the reason why I believe why the government despite quickly experimenting with CBDC, their ability will continue to impose on the use but who will care about using the coin with centralization  (will be called the next generation of polymer money).  Bitcoin/crypto will still represent its value and the free market of choice decides the change.  Certainly paper money will be removed from circulation in the future, but it is difficult to know when.  We're really ready for that with bitcoin, it won't change

But in my opinion this is impossible, especially in 15 years of blockchain. In terms of implementing this, the government must see its own power over how the circulation of currency circulates even though basically the government has acknowledged the power that exists in crypto/bitcoin.
this must be supported by a service infrastructure that is easily accessible by the public wherever they are, and the bad thing that might happen is when everyone is already using crypto/bitcoin and the circulation of fiat money is eliminated when something bad happens to the network and electricity at that time may make it difficult for people to make transactions. So it is very likely that fiat cannot be destroyed, it is only possible to reduce circulation, unless there is an alternative to deal with this fundamental problem.

[og kush420]

My opinion is that after more than 15 years of bitcoin and blockchain, the government has implicitly acknowledged the power of blockchain technology.  That is also the reason why I believe why the government despite quickly experimenting with CBDC, their ability will continue to impose on the use but who will care about using the coin with centralization  (will be called the next generation of polymer money).  Bitcoin/crypto will still represent its value and the free market of choice decides the change.  Certainly paper money will be removed from circulation in the future, but it is difficult to know when.  We're really ready for that with bitcoin, it won't change

But in my opinion this is impossible, especially in 15 years of blockchain. In terms of implementing this, the government must see its own power over how the circulation of currency circulates even though basically the government has acknowledged the power that exists in crypto/bitcoin.
this must be supported by a service infrastructure that is easily accessible by the public wherever they are, and the bad thing that might happen is when everyone is already using crypto/bitcoin and the circulation of fiat money is eliminated when something bad happens to the network and electricity at that time may make it difficult for people to make transactions. So it is very likely that fiat cannot be destroyed, it is only possible to reduce circulation, unless there is an alternative to deal with this fundamental problem.

I think the same - it is impossible to get rid of the paper money. HOwever the use will be reduced in developed country.
In my country a lot of senior citizen don't know how to make transaction on the smartphone.

[wmaurik]

I think the same - it is impossible to get rid of the paper money. HOwever the use will be reduced in developed country.
In my country a lot of senior citizen don't know how to make transaction on the smartphone.

Elderly lay people no longer think about technology and transactions using more advanced methods, because very old or elderly lay people only think about how they can still enjoy their life by eating, resting and worshiping. So those who are elderly don't need to be used as an example in this regard because it is no longer possible for them to learn and get to know digital technology which is highly developed at this time.

[ShowOff]

Elderly lay people no longer think about technology and transactions using more advanced methods, because very old or elderly lay people only think about how they can still enjoy their life by eating, resting and worshiping. So those who are elderly don't need to be used as an example in this regard because it is no longer possible for them to learn and get to know digital technology which is highly developed at this time.

Not all the elderly are those who do not care about the modern financial system, even though in many cases they spend the rest of their lives praying and maintaining their health. They are people who don't really care about the financial system, that's understandable because their age doesn't allow them to have many outdoor activities.

But anyway, I can't generalize that all the elderly are the same especially when they are former businessmen or shareholders in many companies. Bitcoin would be an option they might be familiar with, but I think their concern about it is limited to what it's used for and what it's worth. Certain age group as described above are most likely to hope fiat is the most helpful currency, while bitcoin is a viable option for later generations to use and benefit from.

[Vishnu.Reang]

Today, 90% of the central banks are developing a central bank digital currency (CBDC) and 62% are experimenting at the proof of concept stage. The share of countries developing a CBDC or running a pilot doubled from 14% to 26% between 2020 and 2021.