Will society give up paper money, in what way is cash worse than cryptocurrency, and in what case will it lose to the digital yuan?
Not shortly, but within 10–15 years, the digital currency will completely replace paper money.
In the long term, with profound changes in trade and finance, the cashless society will come very quickly. Digital currencies like the DC / EP of the Central Bank of China will completely replace cash.
Is giving up cash real?
Digital payment systems are being developed not only in China. For example, in November 2020, the Vice President of the European Commission Valdis Dombrovskis announced that the European Union plans to launch a unified digital system by the end of 2021. It will help solve the problem of EU citizens’ refusal of cash.
It is unlikely to completely replace paper money in such a short time. Digital currencies will take a dominant position in major cities globally, and countries with a developed IT infrastructure. But the penetration of new…
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