Can a country survive without physical currency?

[Findingnemo]

More than 80% of the countries already implemented cashless economy and it seems doing well but making it 100% cashless is challenging and it may take a very long time for that transition because people until 2010 are used to paying in phycial money and later only card and internet payments became adopted in day to day usage so in my opinion for the next 50 years people will be using physical currency too.

[Cryptsafe]

There's a lot of talk here about digitizing currency, to blockchain technology making cryptography possible... so the challenge is, if a country doesn't adopt physical currency or traditional currency, can it survive from an economic perspective?

Is digitizing money really impossible? Or is it possible to do it in a comprehensive way?

This is a big yes and as a matter of fact, there are countries that are going cashless now which should let you know that the financial evolution is in place and many nations are beginning to see the importance of it. There are lots of importance to it as it relates to safety and security but however, there are still some locals who are solely dependent of fiat for their business and would find it difficult to adapt as their business is such that requires them using physical fiat to trade. A typical example like my country the country side or village traders who are not used to such sophisticated facility would find it difficult to adapt and would stick to their old ways of transacting.

[bitmover]

Is digitizing money really impossible? Or is it possible to do it in a comprehensive way?

Probably it will happen soon

And money will be available only for very few people .. nowadays in Brazil very few people use money, and a normal person can live months or even years without even touching a physical cash anymore

[Chilwell]

The world is advancing due to digitalization, and we are increasingly moving towards a cashless economy. Digital payments offer convenience and flexibility, but physical currency cannot be abandoned entirely. Both digital and physical currencies have their advantages and are useful in different situations. For instance, in areas with limited or no network connectivity, or during technical failures, physical currency becomes essential for transactions.

[_act_]

There's a lot of talk here about digitizing currency, to blockchain technology making cryptography possible... so the challenge is, if a country doesn't adopt physical currency or traditional currency, can it survive from an economic perspective?

Is digitizing money really impossible? Or is it possible to do it in a comprehensive way?

Physical currencies are just the normal fiat currency we are having, a country can survived with the use of a digital currency, but we may have to consider some sort of the people with that are of age, whereby they may not be able to learn and make payment or transact in the digital currency version, because of their age or the lack to how they can operate and follow the whole procedures.

[bhadz]

It is not impossible to digitize money 100% but the government has to also consider those people that are not adept into technology. That's why physical currencies are still a norm. Even in the first world and high tech countries like Japan, many of its citizens still prefer to get paid with cash. It's part of the tradition and traditions like that are hard to vanish when the majority likes it to remain as is.

[philipma1957]

There's a lot of talk here about digitizing currency, to blockchain technology making cryptography possible... so the challenge is, if a country doesn't adopt physical currency or traditional currency, can it survive from an economic perspective?

Is digitizing money really impossible? Or is it possible to do it in a comprehensive way?

No it can be done. Yes it can be comprehensively done.

But realistically there is zero need to be fully digital.

Also digital has dangerous limits if the country is fully digital.

I would not want to be in a fully digital country as freezing all my coin would be easy peazy for the gov to do.

[Aanuoluwatofunmi]

Money is money, be it in physical form or in the digital form, one thing am very sure of is that the government cannot implement a policy which will not be favorable or affordable by its citizens, even from them in government constituted authorities, not all of them can comply to the use of digital currency alone for now, except for the new generations coming now.

[dkbit98]

Also digital has dangerous limits if the country is fully digital.

Only digital currencies governments are working on are ALL programable, that means that you will have to spend them by specific time period and they can limit where and how you can spend it.
There is no way to have any savings long term with crap digital money that has expiration date.
Some people claimed that this won't work without internet but I saw they are making it work even offline from phones

I would not want to be in a fully digital country as freezing all my coin would be easy peazy for the gov to do.

Yeah, they can probably do it even today with bank accounts, but it's harder and you can always live on cash.

[Z-tight]

Paper money will always be a thing, it cannot be completely removed, but developed countries are moving more towards a cashless society, one that people do not have to carry cash to spend money or make transactions. A cashless society does not mean paper money becomes obsolete, it just means you have less reasons to want to carry cash and for that the government have to put measures in place to accommodate that.

[philipma1957]

Also digital has dangerous limits if the country is fully digital.

Only digital currencies governments are working on are ALL programable, that means that you will have to spend them by specific time period and they can limit where and how you can spend it.
There is no way to have any savings long term with crap digital money that has expiration date.
Some people claimed that this won't work without internet but I saw they are making it work even offline from phones

I would not want to be in a fully digital country as freezing all my coin would be easy peazy for the gov to do.

Yeah, they can probably do it even today with bank accounts, but it's harder and you can always live on cash.

yeah i always want

cash
silver
gold

and digital

to be around just in case.

[dkbit98]

yeah i always want

cash
silver
gold

and digital

to be around just in case.

In many countries cash is sadly almost not used anymore and propaganda is forcing everyone to pay with cards and smartphones everywhere.
On the other hand Germany is a good example of cash usage today, that is why most bitcoin p2p cash trades are happening there.
I also heard Norway recently made law changes in good direction for cash usage.

[rachael9385]

I would refer that to cashless policy and I want to speak based on experience because in my country last year that was the system we operated on, we operated on the cashless policy and there are some good things about this time.
1: plan.in that time people plan and budget what they need before going to the shop.
2: lavishness. During this period people spend their money on purpose and it reduces the ratee of petty shopping. Though it was critical but it also taught people how to manage.

[Dr.Bitcoin_Strange]

I agree that's why we physical currency cannot be replaced with digital currency because physical money feels real and safe in a way that digital money doesn’t and not all people can use digital currency

Well I don’t know what you mean by “feel safe” but for me, I feel a lot more safer when my funds are not in physical form, i.E in cash or even in the bank, I feel a lot more safer when my money is locked away or stored somewhere I’m sure that I’m 100% I’m control of it. Because if it’s physical form or in my bank, there’s every tendency inflation would feast on it at anytime and it’ll definitely lose its initial value, did you think about it that way?

[JoyMarsha]

I can't remember when last I had a huge bundle of my country's currency at hand. Most of the things I pay for their goods and services are through mobile transfers ''digital currency'' and our country's government is advising the use of it more often because of the scarcity of physical currency.

If a country's government can advise its citizens on more use of digital currency, doesn't it mean that the economy has no problem with that? At least it makes people get use of digital currency more easily