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There are lots if reasons why governments might desire to get rid of physical currency.
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Crime - Physical money is the option of choice for criminals as it allows them to make off-record transactions so their activities are hard to trace
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Tax - When otherwise legal business is conducted in cash, it’s possible for business income or employee pay to be undeclared or underreported, meaning the government is losing out on tax revenue. This is huge, and the gov really wants their slice of that cash.
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Manufacturing and distribution - A minor point, but it is expensive to make physical currency, as well as to keep improving it to prevent forgeries and such. Getting rid of physical currency removes this problem.
Despite these reasons, any move to a fully cashless society is extremely controversial, because not everyone is in a position where being fully digital is feasible. It has the worst effects on those who are already marginalised and disadvantaged in society, like the homeless, who may not even be able to open a bank account.
So I think it will be quite a long time until it might happen.
Evil_incarnate@lemm.ee 4 months ago
I’m hoping for a future without money. Where everyone can get what they need and want.
Alimentar@lemm.ee 4 months ago
What about those that want more than they need? Like the greed for money translates to your purchasing power and how much you can get of what you want.
So say someone works overtime, gets more money and can buy more things.
In a world where there’s no money, how does that individual get more of what they want?
JackGreenEarth@lemm.ee 4 months ago
Imagine if you can
SORROW@lemmy.world 4 months ago
Imagine there’s no heaven