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Date When Any Country Retires Cash Currency

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Previous Question on Metaculus:


While apparently half the world waits for the adoption of cryptocurrencies there’s been an ongoing proliferation of cashless money transfer, mediated by apps and QR-codes.

Electronic banking really established itself in the 1990s, and today more than half of US citizens use digital banking. Smartphones enable quick transactions, money leaving and arriving in respective accounts in seconds. Sweden’s Swish for instance is used by more than half of the population, mostly for transfers that would otherwise use cash. Cash now only accounts for less than 20% of their transactions in stores.

But there are arguments for the continuation of cash as well: One may not want to have certain acquisitions linked to one’s account, be they of political, sexual, or altogether different nature. The elderly and poor often don’t have the means or technical aptitude to adapt to this new aspect either. On the gripping hand, a purely digital currency would be a juicy target for hacks and exploits and would therefore have to be built with such attempts in mind.

Many countries are currently researching or developing digital currencies, including South Korea, China, Sweden, and members of the Eurozone, among others. Venezuela has issued the Petro since 2018, and El Salvador will accept bitcoin in 2021, though both countries still use cash currencies as well.

When will any currency zone stop printing cash currency?

Resolves when a currency zone discontinues issuing bank notes and coins as legal tender, by adopting or converting to a purely digital currency. For the purposes of this question cash may still be accepted or exchanged on legacy grounds, as could novelty cash like commemorative coins.

If there is a transition period where cash is officially illegal but can be exchanged to digital via government programs, this question will resolve at the beginning of such period.

In the case of government dysfunction or collapse where a curency is no longer being printed, or where a cash currency is no longer printed and replaced with a another cash currency, such cases will not resolve this question.

Categories:
Finance
Social issues

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