Is the world moving towards the decline in cash use in preference to digital currency?

By Wirba Brice Divine Ransinyuy. [email protected]

As the world has often known, there is constantly an air of change and innovation that the world constantly witnesses. This is how the world has always existed. It is just preferable to accept it and make it a part of us. Some innovations come and stay, whereas others are there for a temporary period. This cannot be said for digital currency. Digital currency is here for good and last forever. Let’s just follow the trend of things. Since its creation and appearance in the late twentieth century, there has just been major and significant growth, moving higher and higher in the early twentieth first century. The turning point or lets say the marking point of a significant emergence of digital currency was the coming to light of cryptocurrencies. It came with a new breath of life as since then, countries and the world in general are just experiencing its goodness and benefits.

The more countries are getting into the use of cryptocurrencies is due to the fact they have the opportunity of creating their own cryptocurrencies that answer their societal and economic needs and desires. A country in Europe that have understand this is Sweden. Sweden a high country in mining bitcoin have not just limited themselves with this, they have moved forward by creating their their own digital currency in the name of e-krona. This currency, e-krona is the equivalence of physical cash. As a result of this, a country has seen a decrease or a decline in the use of cash. Not only did they create their own digital currency, they have moved forward with the parliament. In April 2019, the central bank of this country asked the parliament to revise the role and importance of central bank money in relation to digital currency or digital cash in order to boost the Swedish economy to a higher level. With this, they didn`t limit themselves to the national level, at the European Union, the Swedish government is also instigating the use of digital cash as the expense of physical cash.

Furthermore, another relevant country that instigates the use of digital cash the more and less or no more of physical cash is Bahamas. This is another country strongly in support with use of digital currency. The Bahama`s Central Bank made it public entitling it the “Project Sand Dollar” In March 2019. This project or per se program is made up of a CBDC which is building it on blockchain technology moving in a life of no cash as it is made to make the financial system more efficient and accessible to all and not only the rich.

With power houses of development and high standards of living getting accustomed with the use of digital currency replacing the physical currency, it clearly points out the fact that the world is moving closer to a new period of no cash use.